These past couple of days, browsing on-chain tags/clustering tools, I couldn't help but laugh a little: one address was labeled with "whale/institution/market maker" three layers deep, but when I checked the fund flow, it looked like the same group of people moving funds across different bridges and CEXs. No matter what label you put on it, it all seemed consistent... Basically, profiling can only serve as a clue, not a conclusion.

Right now, I review addresses by following the process: examining UTXO/account relationships, transfer patterns, and intersections with known hot wallets, then cross-referencing node/on-chain event timestamps.
Especially when the fee rate is extreme, and the group is arguing whether to reverse or continue squeezing the bubble, I’ll just hit pause. I’ll wait until the flow of funds—where they come from and where they go—is clear before taking action, so I don’t get led astray by a "smart money" label.