These days, someone is again watching large on-chain transfers and exchange hot and cold wallets, shouting "Smart money is coming" whenever there's movement. I feel a bit anxious about it... Frankly, the actions of whale addresses are often for hedging/arbitrage/position swapping, not necessarily to pump the market or build positions. The biggest risk in copying trades is thinking that they are buying when, in fact, they might be opening opposite positions or moving spot holdings to margin, and you end up chasing right into the hedge.

When I see headlines like "So-and-so's giant whale bought/transferred," my first reaction isn't to rush in, but to check whether there are corresponding opposite positions before and after, or if the same funds are moving back and forth across different chains/different exchanges. At least, separate "building positions" from "risk management," or you'll easily get carried away by emotions. For now, I’ll do that—recheck the timelines of those addresses I often watch.