Lately, I've been browsing on-chain tags and clustering, and after a while, I find it both amusing and a little scary. They say it's address profiling, but often it feels more like putting labels on shadows: the same person using a dozen different wallets, or a bunch of people sharing one entry point. The so-called "smart money" that emerges might just be a lucky screenshot.

Especially these past couple of days, the funding rates have been extremely volatile, and the group chat has been buzzing: is a reversal coming or is the bubble just being squeezed further? I actually want to slow down, wait a bit longer before drawing conclusions. Addresses can lie, and people can self-delude; slowing down to see if the capital flow is continuous or if it’s changing directions feels more comfortable than chasing after labels... Anyway, I’m not advising anyone, as there are too many stories in a bear market.