Over the past couple of days, I’ve been checking on-chain data and again saw a big whale moving around. Honestly, before following along, you really need to spend some effort distinguishing whether it’s building a position or hedging—sometimes it looks like it’s buying, but it’s actually locking in risk. If retail traders jump in, it can easily end up becoming fuel. I personally don’t chase signals like that; after all, the little bit of “fuel” in my position is something I’d rather add slowly—it’s steadier.

Recently, a lot of discussion has been going around about the new strategies of re-staking and sharing security, with people questioning things like compounded returns being a “nested doll.” Straight to the point: the “wool” comes from the “sheep,” and even if you stack layers upon layers, the risk of the underlying assets is still the same one. I’m more like adding kindling slowly in the mountains than piling on a bonfire hoping for instant ignition. When others say stacking layers can take you to the sky, I still think it’s better to have the roots planted deeper—so when the wind comes, it won’t fall.