Today I saw a few big on-chain trades bouncing back and forth again, with a bunch of people rushing to follow… let’s stay calm first. A whale isn’t necessarily “buying”—it could also be hedging the position on the other side. Especially in cases like lending pools: depositing funds + opening shorts for hedging—on the surface it looks like building a position, but really it’s because they’re afraid that a liquidation waterfall will sweep them away first. To put it simply, don’t just focus on the direction of the transfers; see whether they’re also topping up collateral in different pools at the same time, pulling up leverage, repaying, and then borrowing again—because that’s a totally different story.

Also, these days hardware wallets are all out of stock, and phishing links are flying everywhere. The more intense the period like this, the easier it is to have a slip of the finger and tap the wrong thing… As for me, I’ll whitelist the commonly used addresses first—better to earn a little less. As for those screenshots of “whales take you to the moon,” what do you think they’re really doing?