Over the past two days, I keep seeing screenshots of people posting a “whale address entering the market.” And right away, someone in the group wants to copy the trade… I’ve also been tempted, but honestly, I first need to figure out whether they’re building a position or hedging. Especially right now, when new L1/L2 incentives trigger a big surge in TVL, old users are starting to complain about mining, selling, and taking profits again. A whale is even more likely to place bets on both sides and, in the process, lock in their risks.

Later, I realized that I’m most easily swayed by the words “large deposit.” Then I followed in—only to find out that the transfer might just be topping up collateral in NFT lending. Anyway, now when I see whale activity, I pause first: check whether they’re entering in batches, whether there are offset/contrary positions, and whether there are any synchronized actions with a certain staking or lending platform… If I’m not sure, I treat it as if I didn’t see it. Earning a little less is better than getting treated as liquidity.