Recently, I've seen a bunch of "address profiling" and "smart money tags" flying everywhere. To be honest, I only believe half of it... no, maybe thirty percent. On-chain data is indeed transparent, but people are not. A few addresses split and merge, OTC moves, and the tags are like labels slapped on shadows— the more serious the labeling, the more it seems like self-comfort.

And now everyone is watching the expectations of rate cuts and the dollar index. Risk assets sometimes rise together, sometimes fall together, and the narratives run faster than the capital. You might think certain tags indicate increased positions, but it could just be liquidity rotating pools, exchanges, or disguises.

If I hadn't been so superstitious about "clustering = truth" back then, and had just followed the flow of funds when it suddenly concentrated, I might have paid less tuition... Anyway, now I prefer to see: where does this liquidity finally land, and whether project teams are just using new stories to buy time. That's all for now, continuing to stay in the shadows.