Seeing someone on the blockchain watching whale addresses just makes me want to copy their moves. I usually pause first: is this transaction really building a position, or is it hedging/moving positions? For example, adding spot while opening a short on perpetuals, the net exposure might not be as much as you think; there's also those who move positions from one pool to another, looking like "buying," but it's just a way to dodge risk by changing locations. Recently, there's been talk about increased taxes and tighter compliance in certain regions, causing deposit and withdrawal expectations to shift. Large traders prefer to use derivatives to hide their direction, and following a single transfer can easily be misleading. Anyway, I’d rather earn a little less than treat “whale actions” as conclusive.