Lately, I've been browsing on-chain data, and it's full of "smart money," "whales," "certain institution addresses," basically labeling addresses and then clustering them, and then a bunch of people follow to watch the fund flows. I also like to watch, but the more I look, the more I feel this thing can only be trusted about 60-70%: the same group of people split addresses, shell companies, cross-chain loops, and the profile immediately changes to "others." Not to mention sometimes it's just market-making/hedging legs, but they are hard read as "bullish/bearish."

These days, the debate over privacy coins, coin mixing, and the boundaries of compliance has been quite intense, which also makes me more cautious about the illusion of labels: on one hand, saying "protecting privacy is right," and on the other hand, wanting to use labels to thoroughly expose others... it's very contradictory. Anyway, I now treat address profiling as an emotional indicator; if I really want to place an order, I go back to volatility and position size, and don't let a few labels lead me astray.