Just ran a few addresses through a clustering script, and the moment the labels came out, I really wanted to believe them: exchanges, “rub the fur,” smart money… But the longer I stared at it, the more uneasy I felt—many of these “profiles” are really answers you’ve preloaded. One person can have a dozen-plus wallets, bridge back and forth, occasionally mix in some privacy tools, and in the end they get filed away with a single “same type” from you. Honestly, that’s pretty arbitrary.

Recently, when new L1/L2 incentives drop, TVL gets pulled up right away, and the on-chain fund flow chart looks like the tide coming in. But a lot of it is actually “mine-transfer-sell” just moving house, and the label system can get thrown off by this kind of short-term behavior. Now my habit is: labels are only clues, not conclusions. At minimum, I need to look at the fund flow path + interaction time + counterparties. If all else fails, I just assume it’s like overcooked noodles… For now, that’s the way I do it.