I'm now looking at address profiles a bit like the "software update" on a mobile system: I used to be quite superstitious about labels, thinking that with each update I understood more, but later I realized that no matter how good the changelog looks, it might just be putting a new coat on old bugs... On-chain fund flows obviously have some reference, but frankly, labels/clustering always carry a bit of "guesswork," especially when a bunch of intermediaries, batch transfers, and bots are mixed in. You think you're looking at people, but you're actually looking at traffic.

Recently, the vibe of incentivized testnets and points has come back, and people in the group are asking every day whether the mainnet will issue tokens. I also get itchy fingers and glance at a few addresses, but the more I look, the more it feels like binge-watching a drama: there are many foreshadowings, and the ending might not be what you expect. Anyway, my current take is: treat it like a weather forecast—bring an umbrella if needed, but don’t rely on it as a navigation tool.