Recently, someone has been using address labels and clustering maps to say "What are the smart money doing?" It looks convincing, but I keep feeling uneasy: it's very common for the same person to use multiple addresses, and exchanges/custody/market-making are even more mixed together. If the profile is misattributed, all subsequent interpretations will be distorted... Frankly, these are just clues, not conclusions.

Lately, ETF capital flows and U.S. stock risk appetite are being discussed together, and when sentiment heats up, it's easy to treat correlation as causation. I now prefer to focus on the big picture of "where the funds come from and where they go," rather than obsessing over who owns a specific address. Quietly making some allocations and avoiding being led by charts.