Recently, I keep seeing people fixate on "whale addresses" and want to follow their trades. To be clear, first figure out whether they are building a position or hedging. An on-chain large transfer or opening position looks like a all-in move, but it might actually be spot entry and a reverse futures trade, so the net exposure isn't as big as you think; or they might just be moving positions from one platform to another, doing risk control along the way. Especially now, with staking and shared security, these "yield stacking" schemes are often called out as scams, and many big players prefer to use combinations to separate yield and risk, rather than blindly trusting one side.

When I watch whale movements, I prefer to wait for two more signals: the source of funds, whether they have counter-positions later, and whether they keep adding. Otherwise, following in could easily turn into hedging against someone else's move... That's all for now, I’m going to work.