Why Whale Watching Can Fool You

That massive $200M Bitcoin short everyone’s screenshotting isn’t always what it looks like.⁣

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“A lot of guys will kinda whale watch and see, like, oh, the biggest PnL of today was this guy.”⁣

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Turns out it’s often just Abraxas Capital running delta neutral funding rate arb, not a directional bet.⁣

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Copy trading isn’t useless, but you have to contextualize the position first.⁣

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“Is this actual, like, delta neutral, are they actually taking directional trades?”⁣

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Understanding a trader’s style matters more than their leaderboard rank. 🎬⁣

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