Recently, everyone has been interpreting "large on-chain transfers" and "hot and cold wallet movements on exchanges" as smart money, and I can't help but feel a bit amused and a little anxious... Honestly, what you see as "on-chain" is often just the node/RPC/index you are using relaying the information to you, and it's normal for the relay to be a bit slow.

Sometimes it's not that nothing is happening on the chain, but that the RPC you're connected to is just temporarily stuck, or you've switched to a different region, or the indexer hasn't fed out the data yet; even more absurdly, for the same transaction, I can see different timestamps on different websites. Anyway, I don't get excited about "whale movements" right now—first, switch to a different RPC or check a couple more browsers to compare, then decide whether to follow the storyline with your imagination... Don't pretend to understand, just stay safe.