Just looked at on-chain data, and there’s a whale’s move that’s pretty interesting—while making large spot buys, it’s also opening shorts in the derivatives market. At first I thought it might be some kind of signal, and I almost followed in, but then I thought about it: this isn’t building a position at all—it’s clearly hedging. Honestly, once you’ve seen this kind of trade enough, you realize you really can’t judge a whale’s actions by just one side, or you’ll end up tying yourself in knots.

Lately, a lot of people around me have been talking about a certain area raising taxes, and rumors about tighter compliance have been popping up more and more. Anyway, on the deposits and withdrawals side, everyone’s psychological expectations seem to have shifted a bit. Whether it’s tightening or loosening—no one really knows for sure, so it’s better to stay calm.

Sometimes I feel like: I’m clearly someone who doesn’t even mine, yet I keep staring at whales swimming around every day. It makes me want to laugh and sigh at the same time.