While commuting, I saw a few whale addresses moving again, and a bunch of people in the group want to follow trades... My first reaction now is to ask: Are they building a position, or are they using spot as a base to hedge? Honestly, just looking at "bought/sold" is too easy to misjudge; sometimes they open perpetual short positions to lock in risk, and on-chain it looks like increasing positions, but actually they are consolidating volatility. Recently, instead of just comparing RWA, US bond yields, and on-chain yield products, I also get tempted, but the more it "looks like cash flow," the more I need to verify the source: is it genuine protocol income, or subsidies + leverage stacking? Anyway, I first try to figure out the whale's position structure, otherwise if I follow blindly, I might only realize halfway that they are reducing risk, not trying to push for gains.