I just scanned a few on-chain data points and found that some whale addresses are doing some pretty interesting things—not necessarily building positions; some look like they’re splitting orders to hedge.

A friend of mine asked me before whether it’s okay to follow trades, and I told him you should first figure out whether this money is accumulating or locking in profits, otherwise it’s easy to end up bag-holding. For example, some big transfers clearly go into lending pools—then chances are they’re not trying to hold, but rather to borrow stablecoins to hedge risk.

Lately I’ve noticed that RWA and U.S. Treasury yield movements are somewhat anchored. Projects that are loudly hyping on-chain yield products, in essence, are still that same maturity transformation play. Put simply, someone buys short-term U.S. Treasuries for you, packages them into tokens, and sells them—on paper the logic makes sense, but the liquidity premium gets eaten quite a lot… Anyway, I personally care more about fees and the redemption mechanism, and I’m not used to structures that are too convoluted.

That’s it for now. I’ll scan the addresses again tonight.