Smart Money, crypto KOL @0xSunNFT (0xsun.sol) recently mentioned that more and more large holders (commonly known as 'car heads') are 'retiring' their main wallets and starting to operate with small accounts or new addresses. He analyzed two main possible reasons behind this: First, the pressure to follow is too great. Many large holders are immediately targeted by various on-chain bots as soon as they buy, causing prices to spike instantly, resulting in them not having a chance to layout, and the gains being eaten away — buying turns into raising a sedan, making subsequent operations impossible. Selling easily leads to being accused of 'cutting leeks,' while holding on makes them fear price impacts. Second, it is to avoid suspicion. As the market's public opinion environment becomes more sensitive, once the main wallet operates frequently, it can easily be labeled with accusations like 'insider information,' 'joint speculation,' 'using small accounts to sell off in advance,' etc. Even if nothing wrong is done, it can still lead to conspiracy theories, creating significant psychological pressure. 0xSun believes that this kind of 'stealth operation' may reduce social pressure and on-chain spectatorship, but it also undermines the inherent transparency of the crypto market to some extent. In the past, observing the movements of Smart Money on-chain was a way for many to obtain reference signals, but now, once the wallet becomes concealed, the waters become murky, providing space for behaviors like 'pretending to be a large holder' and 'inducing long and short positions,' which may make it harder for retail investors to distinguish between true and false signals. My view is: This may be a stage in the growth of the crypto market — shifting from 'on-chain transparent narratives' to 'on-chain disguise games.' This does not mean that Smart Money has disappeared, just that it has become smarter and more cautious. However, for ordinary investors, following strategies may need to start losing weight, placing more emphasis on project fundamentals and risk management, which is the long-term solution. #BTC走势分析