Today I was tidying up my desktop and found an old alarm clock, and only then did I remember that I’m also pretty much “timed to bubble up”... Lately, I’ve been looking at that address-portrait labeling/clustering set, and the more I look, the more I feel I can only use it as a reference—if I’m too full of confidence, it’s easy to get led around. When an address is tagged as “smart money” and “institutions,” to put it plainly, it might just be a few people using it together, or a mirage created by routing/aggregation—switch to another chain bridge and take a couple of steps, and the labels change.

New L1/L2 are also issuing incentives to pull TVL, and in the group the old users complain about “digging, selling.” And I think stablecoins going on-chain and off-chain also look a lot like that: they come in like they’re here to do something big, but after a few hours they get sent back to the exchange’s hot wallet... Anyway, I’m just looking more at the capital flow paths now and paying less attention to the label names. That’s it for now.