Lately, when looking at whale addresses, the biggest fear is mistaking "building a position" for a "signal," when in fact they are just hedging. On-chain, where they buy spot and simultaneously open a perpetual opposite position, the net exposure actually doesn't change. If you follow along and buy, you're just taking on their volatility... Now I first look at where the funds are coming from, which chain they are entering, whether they immediately move into an exchange afterward, and then coordinate with changes in futures positions to at least close the logical loop.

Additionally, the recent testnet points are quite chaotic, with everyone guessing whether the mainnet will issue tokens. Honestly, during such times, whales prefer to structure "chips + risk hedging," so don't get overly excited just because of a large transfer. Anyway, I’d rather confirm a bit more slowly than get caught up in a hedging setup.