Actually, everyone understands that the on-chain "tags/clusters/smart money" look very cool, but when it comes to using them as navigation, I still feel a bit uncertain. A few days ago, I was tracking a "fund address" that kept adding positions along the way, almost following the trend, but then I looked into it and found that it was tangled up with a bunch of cross-chain bridges/exchange hot wallets, like piecing together a stained glass window from shattered fragments... It looks bright, but it might not be the same window.

Now I mostly see address profiles as "clues," and I will check whether the inflows and outflows have patterns, whether there is frequent splitting or aggregation, especially when L2s are recently arguing loudly over TPS, fees, and subsidies, making transaction layering and fund migrations more likely to confuse clustering algorithms. Anyway, I prefer to slow down, take a few more looks at the traces of data usability, rather than be led around by a label.