Recently, when looking at large addresses on the blockchain, I increasingly feel that the term "whale movements" can easily lead people astray. The same large transaction in and out, you might think it's building a position, but it could actually be hedging: buying spot while opening a short, or moving positions to other pools for protection. Retail investors are most likely to make the mistake of wanting to follow every big order, only to end up following the risk control actions of others and ending up exposed.

I now treat it as a practice: when seeing a large transfer, don’t get excited first, check if there are corresponding derivative position changes, whether there are layered transactions, or if there’s reverse outflow. Also, consider the MEV and ordering issues faced by miners/validators; many trades are not truly "fair," what you see is the result, not the process… Anyway, I prefer to go slower, split into small batches, and write stop-loss orders in advance.