Lately, I've been obsessively watching whale addresses, but the more I look, the more I feel: when copying trades, first figure out whether they are building a position or hedging, or it's really easy to make a wrong move and collapse. Especially some big players slowly adding to their spot holdings while opening opposite positions on perpetuals; on the surface, it looks like "buying," but in reality, they might just be locking in volatility, and following in could turn into taking on their drawdowns. There are also those moving between multiple chains and layers of Rollup, which might just be repositioning or arbitrage, not a directional signal.

Airdrop season also feels similar. As the task platforms crack down more and more on anti-witching, the points system has squeezed the "grab and go" folks like clocking in at work... Everyone wants to copy the homework, but the homework itself might just be "preventing failing." Anyway, I’d rather go slow now, watch the cost ranges and the other side’s positions a few more times before deciding whether to follow or not. That’s all for now, I’m off to work.