Recently looked at a bunch of address profiles/tag clustering, talking about "smart money" and "institutional wallets" and the like, it looked pretty cool, but I'm increasingly skeptical. Frankly, on-chain you can only see behaviors, not motivations; the same set of addresses could belong to a team, a VC, a market maker, or even an individual's multiple accounts. Labeling them is like giving a stranger a personality test—accuracy depends entirely on luck.

Especially now, with new L1/L2 incentives boosting TVL, it’s not unreasonable for old users to complain about "mining, transferring, and selling": many inflows seem more like short-term arbitrage rather than long-term consensus. My approach is to treat labels as "warning signs," not "judgments," paying more attention to how long funds stay, their movement paths, exit methods... slowly let the narrative unfold naturally, and don’t chase after a profile that keeps pulling you along.