Lunchtime checked the on-chain data again and saw a bunch of "smart money/whale/institution address" tags flying everywhere... To be honest, these labels can be referenced, but don't treat them as gospel. Addresses can be split, can be used as intermediaries, and might also be hot wallets of exchanges all in one pot. Today called whales, tomorrow they turn into retail investors. Clustering algorithms are more like "guessing," if you guess right, you think you're a genius; if you guess wrong, just pretend you didn't see it.

Recently, the fee rates have become a bit extreme, and people in the group are arguing whether it's a reversal or just the bubble being squeezed further. I personally don't believe that "following the tags is safe"; in such times, it's easier to be driven by emotions. My approach is pretty boring: look at capital flow as a weather vane, adjust positions according to rules, and survive even if you're wrong. Don't be a bagholder, and don't think about being a savior.