Before copy trading, you need to distinguish between opening a position and hedging. This phrase is overused, but when you actually see large inflows on-chain, your hands still itch.

A couple of days ago, a new L2 dumped incentives to boost TVL. Old users spammed "farm, withdraw, sell" in the group chat, but the project team pretended not to see it. At times like this, on-chain data is actually more honest — whale addresses are pouring into contracts, and you think it's bullish, but then the options market next door is simultaneously opening shorts, with even larger positions. In simple terms, they're using spot as collateral, and the risk exposure has already been hedged away.

I now make it a habit to first glance at the fund source — whether it's a new wallet or a split from an old address — and then check if there are any mirror operations on the derivatives side. Anyway, copy trading follows logic, not emotions. Even as I say that, I still acted impulsively last week, and that position is still in floating loss.

That's all for now, I'm going to lurk.