Lately I've been looking at address profiling again—tags, clustering, fund flows all seem pretty similar, but honestly, it's only like "radio spectrum," you can hear where there's noise but can't tell who's making the noise. One person has dozens of addresses, the scam team divides tasks, exchanges' hot wallets move back and forth, clustering just like mixing different instruments into one track, distortion is quite common.

Especially with new L1/L2 incentives boosting TVL, suddenly a bunch of "smart money" tags pop up on-chain, and old users complain that mining, taking profits, and selling isn't without reason. My approach is more conservative: I don't draw conclusions based on a single tag, only look at sustained cash flow and withdrawal paths, whether they can exit smoothly is more important than "who" it is. That's it for now.