I recently watched a few big players’ moves and it really hit me. Honestly, before you follow them, you have to think clearly whether they’re accumulating or hedging. I used to love saying, “I only trust on-chain data,” and that a wallet moving is a signal. Later I went through several audit reports, and compared on-chain interaction timestamps with price ranges—I realized I was still too naive. Some addresses look like they’re accumulating, but in reality they might just be routine scheduling for hedging or for a market maker. Things have been pretty busy lately between different layer2s—first competing on TPS, then competing on fees. But really, the whales’ actions behind the scenes are more worth studying. Anyway, I’ve changed now: I don’t just look at on-chain activity anymore—I also have to combine the current protocol’s value logic and the direction of its technical evolution. Chasing purely on emotion or chasing purely by data both end up getting slapped in the face.