Recently, I’ve come across a bunch of address profile images and tag clustering charts, drawing fund flows like detective reasoning. I like watching them too, but I’ve always had a question in my mind: you think it’s “smart money,” but it might just be a few people’s scripts, collecting and shuffling addresses back and forth—change the mask and the label, and it’s all different.

Actually, when those new L1/L2 incentives first dropped and TVL was shooting up fast, these charts were the easiest to lead people astray. It’s not without reason that veteran users complain about “mining, selling.” In plain terms, tags can be a thermometer for people’s sentiment—don’t treat them as fundamentals. I generally just use them to tell whether I’ve again been pulled into all the hype; anyway, after the hype fades, the on-chain activity will cool down on its own and turn quiet.