A bunch of tools help label addresses and do clustering. It looks pretty scientific, but honestly I only trust half of it… Basically, it’s a “does it look like” game for guessing someone’s persona: hot wallets from exchanges, batch numbers from studios, those front-running/rats-in-the-grain accounts that are easy to spot—those are fine. As for the other labels like “whales/smart money,” swap in a different intermediary address and they instantly reinvent themselves, just as fast as changing my PFP.

Those blockchain-game “crash” narratives also make the point pretty clearly: look at the on-chain fund flows—funds are clearly moving in, but it turns out studios are moving “bricks” while inflation twists the coin price into a pretzel. No matter how good the address profiling looks, it can’t fix it. In any case, I’m paying more attention to secondary depth and community sentiment now. On-chain labels are just a reference, not a faith… otherwise, you might get “profiled” and end up with a reverse profile.