Recently, I've been looking at address profiling again—tags, clustering, combined with fund flow paths. It looks like giving the market a "God's eye view." But honestly, how much you trust it depends on what you think of it: it's good as a clue, but easy to misinterpret as a conclusion. An address today might seem like a retail investor, but tomorrow it could just be a single signer in a multi-signature setup; clustering is even more mysterious—algorithms treat "frequently moving together" as family, but people can also learn to take detours.

I'm more old-fashioned: first look at where the funds come from and go to, whether they truly stay on-chain (or just switch routes once they arrive), then check if the tags have explanatory power. Recently, new chains release incentives to boost TVL, and it's normal for old users to complain about "mining, transferring, selling." On profiling, it looks like a bunch of "user growth," but the rhythm of fund flow quickly reveals the truth: coming in, doing tasks, dispersing, then leaving. It's like a mirror ball—you think you're seeing others, but often you're just believing the narrative you want to see. For now, keep watching the flow.