These days, I see a bunch of people watching "whale addresses buy/sell" and want to join in, I feel the easiest pitfall to fall into is: you think they are building a position, but they might actually be hedging. On-chain, it looks like spot buying, but I would casually check if there are large transfers to exchanges or position changes in perpetuals during the same period (just take a quick look if possible), then see if the transactions are fragmented, like spreading out costs, or if they look more like a temporary cover.

Recently, there's been talk about interest rate cut expectations, with the US dollar index and risk assets moving together in a wild swing of rising and falling... In this environment, big players prefer to "take some on both ends," in other words, just to survive first. Anyway, when I see whale movements now, my first reaction isn't "copying the play," but to ask myself: is this order aiming to profit, or is it reducing the damage caused by volatility.