Recently I’ve been seeing on-chain those large-value transfers—whenever an exchange’s hot/cold wallets move, a lot of people immediately start shouting, “Smart money is entering!” Honestly, I get it, because who doesn’t want to follow the momentum and make a quick buck.

But to be real, every time I feel itchy to chase the move, I stop and ask myself: what is pushing me to place the order—information, or emotion? Most so-called “smart money” activity, put bluntly, is just whales rebalancing or hedging, with nothing to do with retail traders. I’ve followed a few times, and the result was always standing guard at the high—then I had to cut my own position with a loss.

I unfollowed a certain account. They posted every day about “giant whale moves, about to surge,” and every time it ended up going the opposite way. Later I learned: you have to break down the information yourself, and you have to digest your emotions yourself. These days, I’d rather go slower—wait until it’s truly an opportunity driven by information—than act on a feeling.

Bottom line: don’t let your emotions carry the position for you. Do your own work first, and keep your rhythm—that’s the real business.