Recently, I keep watching those “address profiles”—the labels are pasted on like a personality test: whale, smart money, market maker, meme coin… To be blunt, you can trust them, but don’t trust all of them. An address might be “a steady position” today, but tomorrow it could be the one that opens leverage and gets blown up by the liquidation. On-chain, it won’t write down emotions. The moment new L1/L2 incentives drop, they start pulling TVL; old users complain about “mining and selling,” and I get it. The capital flows look lively, but it’s more like a market fair—here fast, gone just as fast.

Later, thinking about it, it’s pretty ridiculous: everyone stares at the labels as if they’re the script, and then when the market turns, the whole plot changes. Anyway, what I care about more now is this: the same batch of funds—where do they keep rotating among which pools, whether they turn over quickly or slowly, and does it look like an ECG suddenly going haywire… Understanding a little bit is enough; don’t let the “profiles” fool you into getting swept up.