Recently, I’ve been organizing address profiles again, and the more I look, the more it seems like I’m just slapping labels on people: smart money, whales, retail investors… Basically, you can use it as a reference, but don’t take it too seriously. An address might look like an institution today, but tomorrow it could just be a split allocation, someone else’s account doing trades, or even a single transfer from an exchange hot wallet. Sometimes the “flow of funds” you see is just internal relocation.

Now I trust more in “clustering + time”: the same batch of addresses moving together within the same period, and after they move, the hot keywords on social media also blow up. This kind of emotion-on-chain divergence is what’s actually interesting. As for that whole “social mining” thing, fan tokens, and the “attention is mining” setup—I’m a bit doubtful… Attention really is valuable, but most of the time it feels like packaging emotions and selling them off. In the end, who ends up holding the bag is anyone’s guess. Anyway, I’ll record the data first and slowly watch it call my bluff.