To be honest, I've been staring at address labels/cluster analysis until my eyes are sore... Everyone always loves to jump to a conclusion with a single phrase: some "whale/institution" is entering the market. But on-chain, these profiles are mostly just "like," not "definite." The same person can have dozens of addresses, and exchanges custody accounts are a huge mess; once clustering filters are applied, it's easy to mistake bystanders for the same entity.

Now I trust more in the "rhythm of capital flow" rather than the labels themselves: when funds are moving in and out collectively, whether it coincides with contract upgrades/permission changes, or if liquidity suddenly thins out. Modular + DA layer hype has been exciting developers lately, but users are confused. I think the on-chain situation is similar: narratives run fast, data needs to be slowly verified. Anyway, treat it as an early warning, not a conclusion... I'm not sure either, but I'd rather be cautious.