Back to keeping an eye on secondary market plays, the logic hasn’t changed for now. The premise is strong whales ➕ alpha ➕ contracts. If you want to catch the early-stage breakout, watch changes in holdings on other CEXs and the open interest (OI) curve for contracts. Personally, I don’t track token transfers because whales know you’re watching—it’s no secret. Putting on a show isn’t a big deal for them either. If you want to wait for the breakout and then chase, focus on contract OI and trading volume. If you’re holding spot, you can also look at spot trading volume and fees. Don’t end up being the counterparty to the whales. When I called out that bank earlier, the spot trading volume was only 5M. At the peak, it was 5x higher, and now it’s 4x.