Today I was itching to check the on-chain address labels and clustering charts again. To be honest, this stuff can only be used as a "guessing game," not as "identification." The same person can split into a dozen addresses, and multiple people can share a hot wallet on an exchange. Sometimes the fund flows you see look more like a subway transfer map: the routes are real, but who the people are is uncertain. Recently, there have been increased taxes and tighter compliance, and I feel that on-chain profiling is most easily influenced by this kind of sentiment—whenever people get nervous, they automatically assume "transferring to CEXs or cross-chain" means they're trying to run away. But it could just be switching channels or testing the waters. Anyway, I only trust about 30% of the labels now; the remaining 70% I use for drawing charts and questioning life... for now, that's it.