Recently, someone showed me a pile of “smart money tag” screenshots, saying that certain types of addresses are adding to their positions, so I should follow them. I’m actually pretty skeptical: tags and clustering—put simply—are just guesses about who someone is and where the money comes from. Sometimes they can be useful, but don’t treat them as truth. I thought that a certain “institution address” was quietly and steadily accumulating, but when I checked the on-chain trails, I found it was just an exchange hot wallet reallocating funds. After all the buzz for a while, it had nothing to do with me…

On top of that, lately, some regions have been tightening taxes and compliance—first they rein it in, then they loosen the reins. When expectations for deposits and withdrawals change, the way funds move can also become very “fake”: it’s not about being bullish or bearish, but about first rerouting everything and cleaning up the paths. Anyway, I’m more willing to look at net inflows/net outflows and their consistency now, and pay less attention to the theatrics of labels—my mindset stays lighter too.