We investigate the influence of itinerant carriers on dynamics and fluctuation of local moments in Fe-based superconductors, via linear spin-wave analysis of a spin-fermion model containing both itinerant and local degrees of freedom. Surprisingly against the common lore, instead of enhancing the ($pi$,0) order, itinerant carriers with well nested Fermi surfaces is found to induce significant amount of textit{spatial} and temporal quantum fluctuation that leads to the observed small ordered moment. Interestingly, the underlying mechanism is shown to be intra-pocket nesting-associated long-range coupling, rather than the previously believed ferromagnetic double-exchange effect. This challenges the validity of ferromagnetically compensated first-neighbor coupling reported from short-range fitting to the experimental dispersion, which turns out to result instead from the ferro-orbital order that is also found instrumental in stabilizing the magnetic order.
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