I just looked at a certain whale address and thought it was adding to its position, but when I checked carefully, it turned out to be opening hedges for risk control and protection… I almost followed along and piled in—gave me a cold sweat.

Now that I look at on-chain data, you really can’t just focus on inflows and outflows. You have to first figure out whether the party is building a position or doing risk management. Especially recently, RWA and on-chain yield products have been compared by yield rate—some people get excited and rush in. In reality, the whales may have been hedging and locking in profits long ago.

Speaking of safety, I’d rather spend an extra 5 minutes manually verifying the contract address every time I interact, or pay a little more gas and take a slower route, than just hit a one-click authorization to save time. Anyway, the “wool” is built up slowly. If it goes bust and drops to zero once, everything’s gone.