These days, I've come across a bunch of interpretations saying "On-chain large transfers = smart money entering the market," and honestly, many are just treating coincidences as part of the story. That seemingly mysterious on-chain transaction is often just: Address A withdrawing coins from an exchange's hot wallet → passing through a relay (possibly for aggregation or chain bridging) → then splitting into several new addresses, and finally returning to another exchange's cold wallet. The entire path has no necessary connection to "market manipulation."

I just casually looked at an example: 0x7c…9a first sent to 0x1f…e3, then after about ten minutes, split into three transactions, one of which went to a tagged CEX deposit address. If you ask me whether this counts as a signal, I’d rather see it as an "operational process" rather than an "emotional indicator." Anyway, the hotter the market gets, the easier it is to interpret these normal arbitrage, wallet changes, and risk control migrations as stories. So I’m just trying to cool down my own enthusiasm.