These days, I see a bunch of people watching "whale addresses" and copying trades again. I think, first, you need to figure out whether they are building a position or hedging; otherwise, jumping in blindly could just turn you into someone being carried along. On-chain looks like buying, but if at the same time they opened a reverse position on the perpetuals, or split the position into several wallets and move it around, what you see as "accumulation" is actually just risk hedging.

I just checked a path starting with 0x8f…c2: some spot funds went in, then immediately two small test deposits were sent to the exchange's deposit address, and then the derivatives position also opened… Basically, it looks more like adjusting positions rather than going all-in.

And with the current testnet incentives and points system, everyone is guessing whether the mainnet will issue tokens or not, and the sentiment is very easy to be manipulated. Anyway, I prefer to take it slow, observe the fund flows and the opponent's intentions before acting, there's no need to always act like a "shadow of smart money."