Recently, I’ve been seeing a lot of people on the blockchain watching “What did the whales buy,” and I just want to say: before copying trades, figure out whether they are building a position or hedging, otherwise the trade you follow might just be a “cover-up” in their pot. I usually break down address activity into a recipe: ingredients (where the incoming coins come from), heat (whether they add gradually or all at once), and cooking time (immediately transferring to derivatives/cross-chain/diversification after buying). Building a position is like simmering soup—slow, steady, and capable of replenishing; hedging is more like stir-frying—fast actions, and the other side might have already opened a reverse position.

Airdrop season is also quite amusing. Task platforms are cracking down more and more on anti-witchcraft measures, and the points system makes the grab-and-go folks feel like clocking in at work… I’ve simply lowered my expectations this week, paying less attention to “how much others are making,” and more to “what exactly is this trade doing,” which makes me feel much more relaxed. To put it simply, don’t treat whale hedging as a matter of faith. That’s all for now.