Recently, I saw someone again pointing out large on-chain transfers and hot and cold wallets on exchanges, saying "Smart money is coming." To be honest, I feel a bit uncomfortable... On-chain stuff is so transparent it’s practically glowing; ordinary people think they are "anonymous," but in many cases, it’s just "not yet linked to an identity." My current expectation for privacy is quite simple: just don’t expose yourself naked on the public ledger, like using separate addresses, not mixing everything in one wallet, and not always transferring along the same path. But on the other hand, compliance is also unavoidable— the more you deliberately hide, the easier it is to be flagged as suspicious; anyway, I keep evidence of fund flows I can explain clearly, and try to leave fewer traces on-chain, but I avoid methods that clearly oppose regulations. Being cautious is more trouble, but at least I sleep soundly at night.