I'm not very good at... that kind of mystical classification where you can tell at a glance if an address is a "whale/smart money/studio," but lately I've been feeling more and more: address profiling can be trusted, but only half. Clustering a bunch of addresses into a group definitely saves effort, but the on-chain paths that are most common are the least trustworthy—splitting funds, circling around, finding intermediaries—ultimately it looks like different people, but it's actually the same hand.

Now I pay more attention to the rhythm of capital flows: when there's a sudden surge in volume, which entry points are being used, whether a group of people withdraws at the same time. Especially with on-chain games, where inflation + studios come in, the capital flow becomes particularly "organized," like an assembly line. When the price suddenly turns, it spirals downward... In simple terms, labels are maps, but capital flow is the traffic condition. Don't treat maps as autonomous navigation.