Recently, someone has been watching large on-chain transfers and hot/cold wallet transactions and interpreting them as "smart money." The more I see, the more I feel it's a bit exaggerated... Actually, many times it's just repositioning or risk control, not necessarily that they're trying to lead you to the moon.

On the other hand, governance is even more mysterious: once voting delegation opens, honestly, it's just concentrating votes into a few people's hands, eventually turning into "a few major holders + some representatives" deciding parameters, with retail investors mostly just as a hype group.
Anyway, I now see governance tokens more like holding a revocable authorization letter, watching what the delegated parties do. If something feels off, I revoke or switch people—don't romanticize "governance" too much.