Recently, I've seen a bunch of people watching "whale addresses" and preparing to follow trades. To put it simply, first figure out whether they are building a position or hedging; otherwise, you think you're copying homework, but you're actually taking their insurance leg. The simplest practical method: see if they have opposite positions in spot, perpetual, and options during the same time period, then check whether the net exposure is increasing or decreasing; if the net exposure hasn't changed and the margin is still increasing, it's probably locking in risk, not guiding you with a lighthouse.

The set of RWA, US Treasury yields, and on-chain yield products is now being compared a lot, and it's quite lively. But the more lively it gets, the easier it is to treat "returns" as certainty. My own boundary is: if the evidence can be reproduced, I watch it; if it can't be reproduced, I treat it as emotion. Whether you love to hear it or not is up to you. I don't need to be understood, but don't take hedging orders as faith orders to go all in.