Recently, someone has been using "tags/cluster" screenshots to ask me whether a certain address is a major player. Frankly, I’ve developed a bit of skepticism towards this kind of profiling. Clustering often just means that "the same routing habits + the same batch of relay addresses" are lumped together by algorithms. When it comes to mass token farming, market making, or cross-chain arbitrage, they all look like the same person. If I really want to believe it, I prefer to do small experiments myself: monitor the slippage, transaction paths, whether there are front-runners snatching a piece, and whether the tags match up.

In the past couple of days, the group has been discussing stablecoin regulation, reserve audits, and even de-pegging rumors. When emotions run high, everyone is more eager to find out "who is running." But on-chain, what you often see is just "someone changing their routing," not necessarily "someone withdrawing." Anyway, I now tend to trust the "smart money tags" only half, then check if they have a consistent way of acting; otherwise, you might scare yourself unnecessarily…