Recently, I saw someone staring at whale addresses and arguing back and forth. I really want to give a piece of advice: first, figure out whether they are building a position or hedging. On-chain, it looks like they are "buying," but if you open up the routing layer by layer, the other end might be opening perpetual shorts or locking in risks through lending, so if you follow along, you're only left with exposed directions.

In the past few days, some regions have increased taxes and tightened compliance, then loosened again, causing deposit and withdrawal expectations to shift. Whales prefer to use "mutual combat" between the left and right hands to rebalance their positions, making their surface actions less credible. Anyway, I am now lowering my expectations, willing to do fewer trades, and only act once I confirm a net exposure... Thinking this way, I feel more relaxed.