Yesterday, a breaking news spread across the internet— a major whale transferred 8.09 million USDC to Hyperliquid, with open orders sweeping SOL in the $133.88-$135 range, targeting 59,458 SOL. Once the news spread, the chat groups exploded with discussions like "Should I follow the order?" and "SOL is about to take off." But I have to be honest: this move seems like an opportunity, but in reality, it hides many traps.

Don't rush to follow the trend. Based on my years of experience in the market, whale building positions may look glamorous on the surface, but secretly carry huge risks. Today, I’ll break down these common traps to help you avoid detours.

**Trap 1: The Old Trick of chasing highs and getting caught**

Remember the AUCTION market last year? A whale first placed a bunch of passive sell orders, creating a false impression of continuous capital inflow, which lured retail investors to buy in. What happened next? Once they accumulated enough chips, the whale suddenly reversed and dumped the market—dropping 60% in a single day, leaving those who chased the high completely wiped out.

SOL is now priced at $137.83. The whale’s buying target is between $133.88 and $135. What does this mean? It’s looking for a lower price. If you rush in now, aren’t you just helping it lift the price? How likely is it that after slowly accumulating enough chips, it will turn around and dump to shake out weak hands? When that happens, you’ll be trapped at a high position, with nowhere to cry.

**Trap 2: Ignoring platform features and falling into liquidity traps**

Hyperliquid’s order book for SOL is indeed deep, but that’s exactly what gives whales more room to operate. Deep order books mean they don’t need to build a position all at once; they can split their orders over time and in batches—quietly accumulating. What’s the benefit? Price fluctuations stay small, making it easier to confuse retail traders’ judgment.

Even more critical is that Hyperliquid supports both spot trading and perpetual contracts. Whales might be operating simultaneously in both markets—locking in low prices with spot, then using perpetual contracts to amplify gains or hedge risks. How can ordinary retail traders keep up with this multi-dimensional operation?

**Trap 3: Collective irrationality driven by emotion**

Once the whale’s moves become public, and follow-the-leader funds rush in, market rationality is completely lost. Everyone is no longer looking at fundamentals, only at price trends and chat discussions. Under these circumstances, any negative news or small moves by the big players can trigger a stampede.

**What should you do?**

Instead of blindly copying trades, it’s better to analyze the whale’s true intentions. If its buy orders are hanging there for a long time but not executing, it indicates the market isn’t giving it the low price it wants. In that case, the whale might continue to push the price down. Conversely, if the orders are quickly filled, it suggests the whale is successfully accumulating, increasing the chances of a subsequent rally.

Another detail: monitor SOL’s price on other major exchanges. If only Hyperliquid is rising while other platforms remain flat, it indicates this move might be just a localized hype, with higher risks.

The market always works that way—what seems like an opportunity often hides carefully crafted traps. Smart traders aren’t followers; they are those who can see through the tricks.