The biggest mistake in crypto is believing whales show you what they’re holding A whale can hold hundreds of millions in spot and still hedge somewhere else That’s why I never read “he still holds the spot” as automatically bullish Around the time $ZEC pushed toward $1,500, I was already seeing roughly $300M in short exposure opening while longs started getting reduced Then Garrett showed nearly $300M in spot $ZEC The market saw one thing: “He’s still holding. He’s bullish.” But that public spot position also brought a huge amount of attention exactly when liquidity was getting deeper After he showed the spot wallet and closed the visible short, people became even more confident and were willing to buy higher That’s where I get more careful Large holders don’t need to sell their public spot wallet to reduce risk or take profit. They can hedge, short, use market makers, or manage exposure somewhere the crowd can’t easily track We’ve seen similar setups before where onchain holdings stayed untouched while part of the exposure was managed offchain Murad is one example. His spot position stayed visible onchain while part of the position was reportedly sold through a market maker agreement So I wouldn’t spend too much time asking whether Garrett is bullish or bearish I’d rather ask: Why did short exposure grow that much near $1,500? Why were longs already being reduced before the spot position was shown? And why did everyone suddenly become more comfortable buying after seeing the wallet? Calling the exact top is almost impossible But when the whole market starts treating one whale’s public wallet as proof that price must go higher, I usually get more careful, not less