I tried once to stare at those "large transfers into exchanges" addresses on the chain, hoping to catch a move, but I found out they’re not trying to pump the market at all; they’re probably doing hedging: slowly accumulating spot, while opening inverse positions in futures, so the net exposure isn’t as big as I thought. To put it simply, what looks like a "building position" might just be changing venues, adjusting margin, or preemptively doing risk control for the team. Later, I set a small rule for myself: before copying trades, think about what they’re trying to do and where they might be losing, don’t just look at one transfer and imagine a story. Recently, there’s been talk about certain regions increasing taxes and tightening compliance, causing deposit and withdrawal expectations to shift, and whales now prefer to split their positions into smaller chunks… Anyway, I’d rather be a bit slower now, less driven by emotions.