Lately, I keep seeing people watching whale wallet movements and wanting to follow the trades. Honestly, it’s not necessarily "to pump the market." I now check whether they are entering in batches, whether their positions are continuously increasing, and then casually see if they are opening opposite positions in perpetuals at the same time. Many times, it looks more like hedging rather than pure building positions. Especially recently, with ETF capital flows and U.S. stock risk appetite being interpreted in a tied manner, when emotions run high, it’s easier to imagine "actions" as "directions." I later realized that the biggest trap I often fall into is only looking at buy records and ignoring sells or derivatives. Anyway, it’s better to clearly distinguish between building positions and hedging; taking it slow is better than rushing blindly.