Previously, when looking at on-chain address profiles, I was quite easily influenced by labels like "smart money" or "whale," feeling that just following them could help avoid pitfalls. Now I increasingly think... it's just a matter of referencing sentiment, changing clustering rules, mixing in exchange hot wallets, or bypassing cross-chain, and the profile immediately changes. Basically, it's just a layer of filter. The flow of funds is the same; when you see a line rushing past, don't get excited first—maybe it's just market makers moving, or the project team adjusting incentive pools. Recently, modularization and the DeFi layer have become popular again, developers are talking excitedly, while users are confused. I actually want to see more: whether these narratives will ultimately lead to governance votes and how incentives will be changed, and whether address labels can really explain "why" changes are made. Anyway, my current approach is to note the key points, draw fewer conclusions, and take my time to observe.