Recently, I've been looking at various "address tagging/clustering/smart money tracking," and honestly, I only trust half of it: on-chain data is real, but the profiles are given by people, and change the clustering rules, and the conclusions can be flipped. Especially when the same person uses multiple wallets, exchanges are consolidated, and cross-chain bridges are involved, the flow of funds looks like "migration," but it might just be moving house.

Over on Layer 2, they compare TPS, fees, and subsidies every day. I actually care more about: whether these subsidy funds end up with real users or are siphoned off by a bunch of script addresses? Tags can help narrow down the scope, but don’t treat them as verdicts. My own approach is pretty simple: first look at behavior patterns, then at interaction counterparts, and only then believe in things like "certain fund groups."

I don’t need to be understood; I just want to remind you: the only verifiable thing on-chain is transactions; stories are always added afterward. That’s all for now.