Recently, I've seen a bunch of screenshots labeled "Smart Money Tags" and "Address Clustering," and honestly, I can understand them, but I don't dare to fully trust them. On-chain is like footprints: you can tell someone has been there and whether they've been frequent, but it's hard to confirm if it's the same person or if they've changed shoes... Some clusters, once updated, split "whales" into several parts or count exchange hot wallets as a big holder, which looks a bit awkward.

What I care more about now is where the funds flow after, whether the protocol's TVL, fee rates, and retention have kept up, rather than just chasing tags. Recently, everyone has been using ETF fund flows and US stock risk appetite to explain all the rises and falls, which sounds smooth, but when emotions twist, it all reverses. Anyway, I just pick up shells slowly, treat tags as a reference, not as an edict.