Stayed on the data until midnight, and saw one address yank liquidity from several big pools in one go, then posted a pile of buy orders. Kind of interesting, but I can’t tell whether it’s building a position or doing a wash trade to line things up and shake the market—anyway, before following, you’ve got to think it through. Sometimes a whale’s moves are “the boy who cried wolf,” and sometimes they’re a shovel.

In the group, people are also arguing about funding rates being extremely extreme, and the spot premium is so outrageously high that everyone’s going crazy with excitement. But I think, at times like this, don’t rush into it—maybe this is just the prelude to popping a bubble. I’ve been burned before: when I saw the funding rate going through the roof, I chased it, and then got thrown off.

Forget it—plain talk: don’t just watch whales move and then follow the swim. Be careful not to end up feeding fish.