Ugh, lately I’ve been getting a bit too hooked on the on-chain data. Those address labels, cluster analysis, stuff like “smart money,” “whales,” retail traders… honestly, it all looks pretty convincing. But when you actually draw it all out, how much of it can you really trust? I just feel like sometimes, behind a single address, it could be one person, an institution, or even a market-maker script—who knows. Anyway, the market right now is moving in a way that feels totally counterintuitive: rate-cut expectations and the U.S. dollar index are both rising, and risk assets are hopping in to join the hype too. These sentiment indicators are basically getting ruined.