Recently, someone again shouted "Smart money is coming" when watching large on-chain transfers. I really want to laugh. Many so-called "coincidental transfers" are actually just a very common pattern: hot wallet transfers from exchanges → consolidation address → intermediary (splitting/merging) → cold wallet, or market makers moving liquidity back and forth across different bridges, casually shifting balances. If you really want to understand, don't just focus on that one transaction; track the previous and subsequent actions of the same batch of addresses: Are there bulk payments, is it a fixed schedule for consolidation, does the fee pattern look like a script, and after transferring, do they immediately interact with contracts or pools? To put it simply, wallet movements don't necessarily mean market manipulation; more often, it's just operations and cost accounting happening... When gas is expensive, everyone prefers to "take one less step."