In the past, I always thought "on-chain = anonymous," now I've been educated by reality: on-chain privacy is more about "not so easy to see through at a glance," not "no one can trace it." To put it simply, once you're involved with exchanges, fiat currency, or KYC, many paths can gradually be pieced back together—it's just a matter of the cost.

Recently, I saw someone tracking large on-chain transfers and abnormal movements in exchange hot and cold wallets as "smart money" trying to interpret... I’ve become a bit skeptical: often, it's just operational rebalancing, risk control, reconciliation, or some compliance action, not some mysterious signal.

My current expectation is very simple: if you want some privacy, don’t expect absolute invisibility; if you want to be compliant, accept that traces will be left. The only things you can do are to separate addresses as much as possible, and avoid linking your identity to your main daily address, so as not to draw a clear "life fund flow route" for yourself... Anyway, I’m still learning, and the MEV paths are complicated enough, let alone the boundaries of "privacy + compliance."