Lately, I've been getting a bit obsessed with analyzing on-chain address profiles... Labels and clustering look pretty convincing, but honestly, it's just a more advanced version of "guessing who someone is." When an address is tagged as a whale/institution, it might just be a relay or even a risk-hedging split, and then everyone follows the sentiment, causing capital flows to be led around by these "labels."

What's even more ridiculous is that I myself sometimes believe half of it: when I see certain types of addresses come in, I get itchy to adjust the LP range, but then I have to queue to confirm, refresh twice, and retry—calming down... Recently, compliance folks are arguing about privacy coins/mixing services like a marketplace, and the label enthusiasts are more excited, but I just treat these profiles as warning lights, not steering wheels. The bitterness is for myself.