Just saw a whale address move a fairly large position on-chain. My first reaction was, “Should I follow?” But after a moment, I looked at the hedging positions next to it—wow, this isn’t opening a position at all; it’s clearly hedging. When a whale makes a move, it doesn’t necessarily mean bullish— it could also be worried about a drop. Before you copy the trades, you really need to figure out whether they’re using spot as a hedge or actually adding to their holdings with real funds, otherwise small retail like us can easily get led astray.

Lately I’ve been looking at all the stuff around RWA and Treasury yield—comparing on-chain yield products with US Treasury yields is honestly kind of interesting. But anyway, I’m still pretty conservative for now: I’ll farm a bit of stablecoin yield in DeFi, and in the meantime, keep an eye on how these “real-world” assets coordinate with on-chain activity. If things go wrong, don’t blame me—I already posted my trades anyway.