When I look at those on-chain “labels/clusters/fund flow” charts, I’m starting to want to use just one word: slow. Trust things a little less quickly—move a half beat behind. As for address profiling, to put it bluntly, it’s just forcing a bunch of behaviors into a single persona. Sometimes it’s frighteningly accurate; other times it’s just treating different people as the same “whale,” and then everyone goes along and fills in the story together.

Recently, that whole staking, shared security, and yield stacking setup that gets criticized as “nested dolls” has been getting a lot of flak—I get it too… The yields look really attractive, but once the fund flows twist and turn and the labels get stuck on again and again, in the end it’s really not something you can tell from just two charts who’s actually making money and who’s the one left holding the bag. Anyway, these days I’ve gotten into the habit of first checking the concentration of holdings and the rhythm of unlocking/transfers. Take it slow—don’t be one of the leeks getting churned in the excitement.