Recently, I’ve been organizing address profiles again, and the more I look at them, the more it seems like labeling people: smart money, whales, retail investors… To put it simply, they can be referenced, but don’t take it too seriously. An address that looks like an institution today might just be a split position, a proxy trade, or even a hot wallet of an exchange tomorrow; the “fund flow” you see is sometimes just internal movement.

Now I trust more in “clustering + time”: the same group of addresses moving together within the same period, and after the move, social media hot words also explode; this kind of emotional- on-chain divergence is somewhat interesting. As for social mining, fan tokens, and the “attention equals mining” approach, I have some doubts… Attention is indeed valuable, but most of the time it seems like emotions are packaged and sold, and only the final buyer knows who takes the last hand. Anyway, I’ll keep the data in mind and watch it facepalm itself slowly.