Recently, I've come across a bunch of "Smart Money Labels" and "Whale Clustering" again, but honestly, I don't quite believe them. One person uses several addresses, mixes hot wallets on exchanges, then adds routers/aggregators, and suddenly the profile starts to "morph," just like the slippage you see when placing an order on a DEX...

I personally pay more attention to the flow of funds: for example, yesterday I saw a swap where funds came in from 0x8f…d2, first approved, then went through an aggregated route split into three parts (with a stable pool jump in the middle), and finally landed at an address that looks like a "new wallet." Do you label this as "retail investor" or "market maker"? Anyway, I first consider it as "someone who knows what they're doing."

Recently, on the L2 side, there's been a lot of noise comparing TPS, fees, and subsidies, but on-chain activity won't argue with you: when subsidies stop, the net inflow on bridges immediately shrinks, yet the labels still shout "ecosystem prosperity"... I prefer to look more at the reasons behind fund inflows and outflows and failed transactions (gas set too low, routing too long, MEV front-running), rather than blindly trusting profile conclusions.