Recently, I've been looking at address tagging/clustering again, and the more I look, the more I feel it should only be used as a "steering wheel," not as a "dashboard." The same person's wallet and transaction ledger go through a bunch of intermediaries, and the tags look like institutions are rebalancing their positions, but it might just be changing paths to save friction; conversely, it's also common to mistakenly group multiple people into a "whale."

Adding to that, with recent discussions about rate cut expectations, the US dollar index, and risk assets turning together, the noise in on-chain fund flows has become even greater...
To put it simply, I trust more in verifiable causality: deposit/withdrawal paths, time window consistency, and whether they align with known events.
If I could only keep one habit: any "profile conclusion" should first be assumed to be wrong.