Recently analyzing address profiles, the more I look, the more I feel that "tags/clustering" can only be trusted halfway... It’s common for a single entity to have addresses in the dozens, and it’s also not uncommon to forcibly group a few people into a single "whale." Frankly, what I care more about now is the rhythm of capital flows: when to start staggered entries, when to suddenly stop, whether there are small maneuvers like wash trading back and forth, which are more reliable than the sticker of "xx institution/xx smart money."

And then there are interpretations that forcibly connect ETF capital flows, US stock risk appetite, and crypto price movements into a single line—I also look at those, but I first take screenshots (those who understand, understand), and after a couple of days, compare on-chain whether there are corresponding changes in flow... If it doesn’t match, I treat it as an emotional indicator. Anyway, my approach is: use tags as clues, use capital flows as evidence, don’t confuse the two.