Lately I've been looking at address tagging/clustering again, and the more I look, the more I think "profiles" should only be taken as a reference, not taken too seriously. An address labeled as "institution/market maker/whale" might just be shared by a few people, or it could be cross-chain wash trading, or even an exchange hot wallet changing routes to throw you off. To put it simply, on-chain data is very honest, but the way we interpret it is quite dishonest...

In the group, these days there's been a lot of talk about stablecoin regulation, reserve audits, and various rumors of "de-pegging," which quickly stirs up emotions. I also get itchy to look at fund flows, imagining stories when I see large inflows and outflows, only to realize later that many are just chain link adjustments or consolidations, which gave me a scare.

Not long ago, I was also paying attention because someone kept saying "certain addresses are bottom-fishing," but I was misled several times, so I just unfollowed... Now I prefer to compare migration data across a few chains myself, do small experiments, and if I get it wrong, just consider it paying tuition.