The third time I see someone taking "whale addresses entering the market" as a signal, I prepare to copy the trade... But don't rush, you really need to distinguish whether they are building a position or hedging. On-chain, those who are simultaneously adding spot and opening opposite positions in perpetuals are likely locking in risk, not bullish; some are moving to exchanges to provide liquidity or switch positions, looking like "they're about to pump," but they're just relocating. Recently, that wave of RWA has been comparing US Treasury yields with on-chain yield products, which easily stirs emotions, but whales seem more like doing accounting rather than gambling. Anyway, whenever I see large movements, I first check for counterparties and hedging traces; otherwise, copying others to protect positions can be quite awkward.