I just went back over on-chain data again and noticed a few whale wallets had some pretty interesting inflow actions—on the surface it looks like adding to positions, but in practice many of those funds are being sent into derivatives protocols. It feels more like hedging spot exposure than pure bullishness. Before you follow the trade, you still need to dig into the flow of funds. Don’t rush just because there’s a big transfer—first figure out whether it’s position-building or hedging, otherwise you could easily end up as the bagholder.

The recent hardware wallet stockout situation has been all the rage, and phishing links are also being sent out at a high rate. In a way, it’s also a reminder for everyone: safety first—don’t let profit cloud your judgment. As for me, I keep my position sizing relatively conservative. I’d rather move slower than get bitten by some black-swan event.