Recently, there's been a whale address on-chain aggressively accumulating, and Twitter users have started calling it a "copy-trading signal." But after digging into its historical operations, I found that during the same period, it opened short hedges on perpetual contracts… In other words, the accumulation and hedging might be done by the same group of people. What you see may not be a directional move but simply risk exposure management.

The same happened before that public blockchain's upgrade—migration rumors were everywhere, but on-chain data barely moved. Now I've developed a habit: when I see "whale buying," I pause for three seconds and think whether it's a trap. Simple narratives are the most dangerous. That's all for now.