Just looked at the on-chain data—there’s a big order from an address that’s pretty interesting: it’s buying spot with leverage on one side, while opening short positions in derivatives to hedge on the other. I used to think whenever a whale moves, others just rush in after it. Turns out I’ve been buried a few times. Later I realized they might be hedging or doing market making. Recently the funding rate got pushed to such extreme levels that the group chat blew up—some people say a reversal is coming, while others insist it’s still time to squeeze the bubble. Anyway, I’ve learned my lesson: first figure out whether they’re accumulating positions or hedging. Otherwise copying trades feels like following navigation straight into a dead end—it’s pretty depressing… But take it slow; at least I can understand a bit more now.