I’ve been watching label data again recently—things like “smart money,” “whales,” and clustering of institutional addresses. It looks pretty impressive on the surface. But in plain terms, on-chain labels are just a reference, and you never know whether the wallets behind it are actually controlled by the same person running a show with dozens of wallets.

Especially during the time when cross-chain bridges were hacked—back then, a lot of addresses suddenly became active. You’d think new funds had arrived, but it turned out they were just in a hurry to run.

And when oracle prices were behaving abnormally, a bunch of addresses marked with “waiting for confirmation” went silent right away. The labels said “long-term holding,” but the actual actions were all short-term arbitrage.

All I can say is that address profiling can help you filter out some obvious junk, but having too much faith in it can end up fooling yourself. What I care about more now is the real number of interactions in the protocol and user retention. When TVL drops, it breaks my heart—but if users are still repeatedly using it, then I’ll treat it like I’m picking up a bargain. No matter how tough I sound, my adding-to-position hands haven’t stopped. If I’m losing money, I’ll just blame the market being too damn cowardly.