Just saw a few big addresses moving around on-chain, and someone in the community is shouting that “the whales are bottom-fishing.” Honestly, before you follow, you need to figure out whether it’s building a position or hedging—otherwise you might end up as the bagholder.

Actually, the funding rate has been extremely volatile lately. Spot and derivatives are going in opposite directions—whether this leads to a reversal or whether the market will continue to squeeze out the bubble is anyone’s guess. I personally care more about on-chain finality; I’ll only make a call once the number of confirmations is sufficient.

By the way, someone asked: how do you judge that? I look at on-chain behavior—for example, when people build a position, they often stack volume and do it in batches; when they hedge, it’s more like instant lockups. In any case, even if you’re wrong on the timing, holding on to the required confirmations can help reduce losses. That’s it for now—I don’t know how accurately I can really say it.