I just looked at a big transfer on a certain chain—people said a whale is buying. But if you look closely at the address relationships, it looks more like a hedging operation for a lending position. A lot of people who follow trades only look at the direction, not the path of the funds flow, and they can easily end up lifting someone else’s chair and then getting trapped. Anyway, I’m going to figure out first whether he’s building a position or doing risk control, otherwise I really could become the bagholder.

Recently, there’s been wave after wave of new L1 and L2 incentives, and all kinds of old users are shouting, “Mine, claim, and sell—don’t get locked up and trapped.” It does look lively. But I’m a lazy one—I just wait in familiar pools for small opportunities. When liquidity collapses, I can pick up a bit of slippage spread and be satisfied. A steadier approach is always better.