Today I saw someone staring at "whale addresses moving" and wanted to jump in. I admit I envy it: a single move can wipe out our months of positions... But honestly, first distinguish whether it's building a position or hedging. Many big players add to their spot holdings while opening opposite positions in perpetuals, or move chips to collateral, which outside looks like "buying explosion," but in reality, they are locking in volatility. Plus, recently, miners/validators' income, MEV, and fairness in ordering have been criticized again. Among those large on-chain transactions, how many are noise caused by being sandwiched or front-run is really hard to say. Anyway, when I see giant whales moving, I first check if they keep adding positions afterward and whether the capital flow forms a closed loop. Otherwise, copying their moves and ending up on the hedge side is pretty awkward.