Lately, I've seen quite a few people watching whale addresses and copying trades... I've learned my lesson now, so I'll ask first: Is he gradually building a position, or is he using spot as a base and hedging risk elsewhere? To put it simply, what we see on the chain is only a part of the story; there might still be futures positions, loans, or cross-chain activities behind the scenes. If you follow along and buy, you might just be helping to provide liquidity for someone else.

Recently, the narrative around modularity and the DeFi layer has heated up again, developers look excited, users look confused, and I feel the same... The more lively it gets, the easier it is to mistake "smart money" signals, which might just be rebalancing. Anyway, I now prefer to take it slow, watch several rounds of deposits and withdrawals, and avoid rushing in and burying myself. That's all for now.