Over the past couple of days, I’ve been seeing a lot of people watching on-chain large transfers and the way exchange hot and cold wallets move—then shouting “smart money is coming” as soon as there’s any activity. Honestly, it’s kind of annoying… With the same whale-like moves, it could be building a position, or it could just be hedging, rebalancing, or moving funds for aggregation. If you blindly follow (copy/follow trades) in the wrong direction, it can be really awkward. My little habit is to first check whether there’s a reverse leg afterward (for example, spot entries or opening shorts on perpetuals), and then see whether it’s done in batches, or whether the timing lines up with some parameter update or a migration window. There are plenty of tutorials, but I prefer the kind that lays out the “possibilities” clearly—and even teaches you how to falsify them—rather than the whole setup that rides along with emotions and tries to get you to follow the momentum. In any case, I’d rather be half a step late than become liquidity for someone else’s hedging trades.