Recently, I’ve been doing "version updates" for my small set of images... In the past, when I looked at address profile tags, I would trust about 70-80% of who wrote "whale/smart money," and I felt more at ease once I drew the chart. Now, the more I look, the more it feels like sticking sticky notes on people: the same batch of money circles around, opening multiple addresses, and the tags start to get carried away. Honestly, they can only serve as clues, not conclusions.

Especially these past two days, Layer 2 projects are arguing over TPS, fees, and subsidies—who’s more aggressive. I actually want to see whether the funds have really stayed: whether they’re just here to grab some subsidies and leave, or if the protocol’s cash flow can sustain it. I still use address clustering, but I’ve lowered my "credibility" parameter for myself... For now, that’s it. I’ll watch and see slowly.