Lately, I've been looking at reports on address tagging/clustering a lot, and it feels like looking at a "backup": useful, but don't think that's the original itself. How much can on-chain profiling be trusted? I now mainly treat it as a warning light, not as a conclusion. For example, the same batch of addresses labeled as "smart money" might just be the same person using multiple small accounts, or a hot wallet of an exchange moving funds, making the chart look like "fund inflow." To put it simply, tags are human-applied, clustering is algorithm-guessing, and the truth still requires cross-referencing multiple pieces of evidence.

Especially recently, new L1/L2 incentives to boost TVL, and veteran users complaining about "mining, transferring, selling" are quite real: seeing funds flow in doesn't mean it's long-term money; it could just be a quick in-and-out. My approach is still honest: treat on-chain signals as filters, and finally apply them to my own batch/grid execution list. Don’t get carried away by a chart’s rhythm—just do it this way for now.