Recently, I've been reviewing address tags and clustering again, and the more I look at it, the more I feel: they can be used, but don't rely on them blindly. When an address is labeled as "smart money/market maker/institution," it often just looks similar in path or interaction; when it actually encounters multi-signature, custody, or sharded wallets, the profile immediately becomes unreliable... I now trust more in "how the funds move" rather than "who they are."

In hot topics, the increase in taxes, compliance tightening/loosening, and the changing expectations for deposits and withdrawals cause on-chain liquidity migration to become more impatient, and labels are more likely to lead to misjudgments.
By the way, what I don't regret is: I prefer to confirm the flow of funds more slowly rather than rushing in based on a single label.
Anyway, discipline is much more reliable than a "mysterious identity."