Recently, I've been doing address profile tagging and clustering again, and the more I do, the more I feel: you can trust it, but not too much. To put it simply, the same address might look like "smart money" today, but tomorrow it could just be passing through on a cross-chain arbitrage route, and once you label it, people tend to see it through filters. Especially in terms of fund flow, on-chain you see the path, not the motive; many actions that seem like "buying" are actually just switching pools to find smoother slippage.

These days, hardware wallets are almost out of stock, phishing links are everywhere, and everyone's security awareness has indeed increased. But this also causes a lot of funds to start avoiding certain routes and breaking into smaller pieces, making clustering models look more like "retail investor sentiment," but actually it's just a defensive instinct against scams. Anyway, I now mostly treat labels as weather forecasts—carrying an umbrella is fine, but don't use them as navigation.