Recently, I keep seeing various "Smart Money Labels" and "Address Clustering," with a chart that categorizes them: whales, VCs, retail investors... Basically, it looks pretty impressive, but I just treat it as gossip now. Someone splits their holdings into a dozen or so wallets, moves funds around, and the profile instantly changes; there are also hot wallets on exchanges, custody, market makers in between. You might think you're tracking fund flows, but you're actually watching traffic entry points. The same goes for the recent RWA wave—comparing U.S. Treasury yields with on-chain yield products, once the narrative gets hyped up, everyone rushes to find out "where the funds went." Personally, I focus on two things: whether new addresses are coming in and whether old addresses are continuously selling off. Don't be too superstitious about "labels"; at most, they give a reason for emotional reactions.