After I started tracking large addresses, the biggest change isn't "following trades more closely," but rather that it's less easy to be driven by emotions.


In the past, seeing whales buy would make me itchy to act, but now I first think: is this really accumulation, or hedging, or repositioning, or just moving risk somewhere else?
On-chain it looks like the same direction, but upon closer inspection, it might be one side holding spot and the other derivatives.
Jumping in blindly turns into following someone else's hedge, which is quite awkward.

Recently, someone compared RWA, U.S. Treasury yields, and on-chain yield products.
Honestly, I don't oppose comparisons, but don't just look at the numbers column; the flow of funds and exit difficulty are the key points.
Anyway, I now prefer to go slower, take a couple of extra looks at the fund inflow paths, and if I make a mistake, I’ll correct it.
Don’t let me see screenshots taken out of context.
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