Recently, I saw someone tagging addresses, doing clustering, and then making a conclusion in one sentence: this wave of funds—"smart/retail"—what's going on. To be honest, I also enjoy watching, but I’d trust it about 60-70%. It’s normal for the same person to have dozens of addresses; mixing exchange aggregation, cross-chain, airdrops, and privacy tools, the profile starts to look like a guessing game. Last week, I also looked at the "whale return" chart for the third time, and then I realized it might just be a custodial address changing its shell.

Plus, with the recent expectations of rate cuts, the US dollar index, and risk assets fluctuating together, emotions are tangled, and everyone is more eager to find "evidence" on the chain. My current approach is: treat tags as a reference, view fund flows as a weather forecast—if you see wind, put on more clothes; don’t move just because you see a cloud. Light positions, slow jogging, for now, that’s how I’ll do it.