Recently, looking at address “profiles” is a little funny and really annoying: a bunch of tags/clusters are pasted on like an ID card, but the same pile of money keeps hopping between several “different types” of addresses, like that kind of obsessive-compulsive pain where I’m staring at order-book charts in split screens until my eyes blur… To put it bluntly, tags can only be warning lights—don’t treat them like a verdict. Especially now that the RWA narrative is hot, and people are using comparisons to U.S. Treasury yields as part of their pitch about on-chain yield products—once you slap on a lot of “institutional/real yield” tags, it sounds convincing right away. But once you actually dig into the inflow-and-outflow paths, whether the same trading pairs keep looping repeatedly, and whether funds are collectively moved around before and after specific fee-rate changes, the “feel” changes instantly. Anyway, I now trust the behavioral consistency of fund flows more, and I don’t trust the names as much. For now, that’s it—don’t let the profiles lead you by the nose.