Recently, I've come across a bunch of posts analyzing "tags/clusters/funding flows," basically labeling addresses: smart money, whales, retail investors... It looks pretty satisfying, but I only trust about 60%, the remaining 40% is just psychological comfort. An address today is "institutional," but tomorrow it might be someone opening five alt accounts to play a game, clustering algorithms aren't perfect, and mixing coins / cross-chain activities are more like watching a foggy mirror.

My roommate also asked me, "Aren't you able to copy homework just by looking at address profiles?" I said, you're treating the blockchain like a classroom roll call... Anyway, I usually start by looking at concentration of holdings and chip distribution, not rushing to chase "funding flows" right away. Recently, RWA and US Treasury yields have been compared to on-chain yield products, and I just want to say: no matter how much the name sounds like a government bond, the risks on-chain won't disappear just because you change the skin. That's all for now, don't rush to become a leek.