Late at night, staring at the perpetual funding rate and liquidation heatmap, someone always throws me a bunch of "smart money address profiles," with tags, clustering, and fund flow all in one package... I just want to laugh: on-chain data definitely doesn't lie, but people do. An address that looks like an institution today might tomorrow be a retail trader splitting and reassembling funds, or a hot wallet passing through an exchange, and its profile instantly turns into a "mysterious whale." Honestly, this stuff can be used as a reference, but don’t treat it as faith.

Recently, the NFT royalty war is the same—everyone’s using data to prove "creators will starve / liquidity will die," but where the real money goes is often just a wave of emotions and arbitrage, and tags simply can't keep up.

Now I trust data a little more, for a pretty simple reason: intuition is easily swayed by my midnight snacks and FOMO, but data at least won't pretend to be me just because I’m sleepy. Anyway... I’ll just watch and see.