Lately, looking at those "tags/clusters/smart money" address profiles on the blockchain, the more I look, the more uneasy I feel: the same address was a market maker yesterday, and today it's called a whale bottom-fishing. Basically, it's just taking the results and reverse-engineering a story. Not to mention many are relay addresses, multi-signature wallets, or hot wallets of exchanges, with funds flowing like subway transfers. Chase after them and you end up dizzy yourself...

I now treat it as a "warning sign," at most helping me rule out obvious phishing schemes or wash trading. If I really want to act, I first calculate fees + slippage + execution quality, saving a few gas fees, only to step into a big slippage and lose even faster.

Also, these days there's been chatter about rate cut expectations, with the US dollar index rising and falling together with risk assets. My feeling is: when macro sentiment heats up, on-chain profiles are more likely to be "made to sound very reasonable," but the market doesn't necessarily follow the tags. Anyway, I plan to tighten my positions first, guess less, and verify more.