The third time I looked at "address profiling" I wanted to laugh... A bunch of tags, clustering, smart money/whales/retail investors, talking as if it’s like a household register. But on-chain fund flows, to put it simply, are just a bunch of people changing masks: splitting addresses, transferring through intermediaries, entering and exiting CEXs, and then using a few bots to make a few trades. Do you really dare to draw conclusions? I don’t really believe it.

Recently, the incentives on testnets and the expectations for points have made people excited again, guessing whether the mainnet will issue tokens as if it’s some kind of mysticism. They say they’re long-term believers, but in practice, they’re frantically opening multiple accounts to run tasks... The reflection is pretty clear. My approach is very simple: just look at whether funds are continuously flowing back, whether the protocol is genuinely being used, and not be led around by tags. That’s how I do it for now.