Just saw an on-chain dataset: an address transferred a large amount of several million USD worth of assets into an exchange. In the comments, a bunch of people kept shouting “copy the trade.” I went ahead and checked his on-chain positions and found that he also opened a large number of short positions on perps to hedge—this is clearly a hedging lock, not a new-position signal.

Honestly, you really can’t judge whale behavior by looking at one side only. Hardware wallets are out of stock now, phishing links are everywhere, and people’s security awareness has improved, but before copying the trade, think more: is he truly bullish, or is he just mitigating risk? Don’t just stare at the “honey” in the address—first figure out whether it’s for gathering honey or for poisoning.