Back when I first started playing on the blockchain, I relied heavily on those "tags" and "smart money" lists, feeling that following address profiles could help avoid pitfalls. Now... frankly, address profiles are mostly just clues, not evidence: behind an address there could be a team, a nominee, an exchange holding assets, or even just a few people taking turns putting on a show for you. Clustering algorithms can also mistakenly target innocent bystanders.

Recently, there's been a lot of debate about rate cut expectations, the dollar index, and risk assets moving together in a wild swing. I'm actually more worried about the "macro narrative + on-chain tags" stacking buffs, where everyone looks at the same set of data and starts to self-fulfill. Anyway, when I analyze capital flows now, I first ask myself: is this money here to do something, or just to put on a show... Voting alone can't save everything, and tags are the same.