Lately, I’ve been looking at those “tag/clustering/smart money” panels, and I feel a bit carried away—also a little panicked... To be blunt, I only trust address profiling about half. It’s normal for the same person to have dozens of wallets, and exchange hot wallets are often still treated as “whales,” so when you try to follow along, it all turns into a fog. Occasionally, it can help you judge sentiment—for example, when money suddenly crowds into a certain chain, at least it shows what everyone’s been messing around with—but if you go as specific as “this address = a certain institution,” I really wouldn’t dare to bet on it.

Now people are talking about modularization and the DA layer, and developers are excited like it’s Chinese New Year. Meanwhile, ordinary users (me) are completely lost. It’s fine if I can’t understand it—on-chain things will always “vote with their feet”—but the labels already keep throwing my thinking off.

That’s it for now. Anyway, for now I’ll write down the few addresses and time points I saw today in my little notebook, and tomorrow I’ll cross-check whether I’ve been fooled by “profiling” again.