Recently, I’ve also seen people fixate on “whales entering the market” and want to copy the trade—I used to misunderstand it too. When big players buy, it’s a bullish signal. Now I’m more inclined to break it down first: is this a position being built slowly, or are they hedging on both sides between spot and perpetuals, or even using it as a transfer hub to move funds? In reality, the on-chain footprints can be quite different. To put it plainly, the same large transfer into an exchange might just be switching collateral, with nothing to do with market sentiment. I’ve also seen that whole “on-chain game” routine—inflation plus studios churning out output to drive the coin price into a spiral. After watching that too many times, the more lively it looks, the more it feels like someone is hedging their risk… Anyway, I’d rather look at a few more steps of the path first, wait for confirmation, and then act.