Recently, I've been looking at some "tag/cluster" tools that profile addresses, saying who is smart money and who is a team wallet... To be honest, they can be referenced, but don't take them too seriously. Many clustering logics are just based on shared spending, common routing, or close interaction times, but now a lot of people use multi-signature, split wallets, gas payments on behalf of others, or even deliberately route around, so it's not surprising that they end up in the same category; conversely, the same person splitting into dozens of addresses can make the profile look very "clean."

Especially with new L1/L2 incentives boosting TVL, on-chain traffic suddenly distorts. Old users complain about "mining, arbitrage, and selling," which I can also understand: the same funds circle through bridges, DEXs, and lending, making the tags look like capital flowing into the ecosystem, but in reality, it's more like finding the minimal slippage and fastest exit path. My approach is still to focus on transaction paths and matching traces (like within the same block, same routing, retries after failures), and treat profiles as a warning signal, not a conclusion... We'll talk more next time.