Recently, I’ve been looking at a bunch of “address labels/clustering,” where people say it shows the same person’s control, “smart money,” “internal trading desk”… to be blunt, you can only believe about 70% of it. On-chain behavior is like a fingerprint, but it can also be disguised: multisig wallets, delegated payments, once you go through cross-chain obfuscation, and then bots batch-splitting orders—your profile immediately gets fuzzy.

Personally, I prefer to watch the “rhythm” of capital flows: whether deposits are pushed in wave after wave, whether token swaps are always stuck in the few liquidity-thin tiers, and whether the slippage of each trade is as tidy as if someone measured it with a ruler… that’s more useful than “who is he.”

Recently, new L1/L2 projects have been incentivizing to pull TVL. I also understand why longtime users complain about mining, selling for profit, and dumping. The labels are full of “long-term believers,” but they turn around and withdraw right away. Anyway, when I look at popular pools now, I first probe with small amounts, split the orders, and don’t hard-confront the bots—most of the losses come from impatient people (like me).