Recently, I saw a bunch of address profiling reports again, like "smart money," "whale groups," "fund flows of certain factions," which made me nod along while feeling a bit guilty... Honestly, labels are kind of like sticking stickers on cats: they’re easy to recognize, but that doesn’t mean the cat only meows. Clustering is useful too; it can give a general sense of market sentiment. But once it comes to multi-signature, custodial holdings, hot wallets on exchanges, or people deliberately splitting assets, the profiling starts to become “mystical.”

I’m just an onlooker, and I still trust more: sudden fund flows going against the market, repeated patterns, and on-chain actions that sync with community events. Recently, the NFT royalty debates are also full of hot air; people argue about creator income, but on-chain, it’s more honest: when liquidity tightens, everyone runs faster than anyone else… Anyway, I only treat labels as a reference. If I really want to act, I first consider the worst-case scenario—don’t get fooled by the word “smart.”