Today it’s raining and traffic is heavy, I only remembered to drink my coffee after it cooled down… I casually browsed the on-chain tags/clustering address profiling, which is basically like sticking sticky notes on strangers: it helps you quickly get a glance, but I’m still a bit hesitant to truly believe “this is a whale/institution/smart money.” Once you mix in a relay, multi-signature, and exchange hot wallets, the profile starts to create misunderstandings. Recently, with staking and shared security that stack yields, I’ve been criticized for “nested layers,” and I agree: the capital flow looks beautiful, but behind it might be the same water being passed around multiple times. Anyway, I’ve gotten used to first observing the “rhythm” and “motivation” of the capital flow (like whether it’s concentrated inflows and outflows, or whether it’s batch transactions at fixed times), then looking at the tags, so I don’t let the tags jump to conclusions for me. On-chain data is like poetry; too many annotations can lead to digressions.