These days I've been looking at address tagging/clustering again, and the more I look, the more I feel: it's credible, but don't be superstitious. Labeling a bunch of addresses as "whale/smart money/studio" definitely makes it easier to track fund flows, but on-chain personas are way too easy to fake—transferring a few times, splitting into new wallets, and the profile starts to go off track... I'm now more interested in behavior: where the funds come from, how long they stay after going out, whether the same pattern repeats. Especially in blockchain games, with inflation maxed out + studios moving in and out in batches, when the price spiral kicks in, the tags look lively, but actually, it's all the same kind of pressure flowing around. Anyway, I see complexity as the enemy: first set aside "who," and focus on "what they're doing."