I've been toasting bread while browsing on-chain tools recently, and the more I look, the more I think address labels can only serve as "signposts," not as "ID cards." The same person can have multiple addresses, and exchange hot wallets can change too. Today, it's labeled as smart money; tomorrow, it might be a unlucky guy forced to move funds around... To put it simply, profiles are probabilities, not conclusions.

And these days, some people are complaining that the label system is lagging and can still be misleading. I tend to believe it too: a deliberately crafted flow of funds may look like a big account accumulating positions on the chart, but in reality, it could just be someone moving money left and right with their own hands, tricking your emotions. Anyway, I now only use clustering/fund flow as a prompt for "needs further verification." Making a judgment requires looking at details like timelines, interaction counterparts, and frequency; otherwise, it's like using a navigation tool for fortune-telling. That's all for now. If the bread gets burnt, I'll come back.