Recently, I've seen a bunch of screenshots of "tags + clustering + fund flows," claiming which addresses are institutions and which are smart money. Frankly, I only trust half of the address profiling: on-chain transfers can be seen, but people's motives are invisible; it's not surprising that the same entity splits into a hundred addresses; and exchanges, market makers, and custody wallets being mixed together is even more common.

Now I prefer to focus on a few key points: large UTXO/cold wallet inflows and outflows, concentrated transfers after mining pool settlements, and the rhythm of cross-chain bridges where "a bunch go in, a bunch come out." As for everyone recently tying ETF fund flows, U.S. stock risk appetite, and coin prices together... it sounds lively, but when it really hits the chain, many times it's just "explanations" chasing "results." Anyway, I'll take my time to observe and not rush to draw conclusions.