Someone asked me what we can still rely on for on-chain privacy, and whether one day there might suddenly be a strict "compliance crackdown." My own expectation is very simple: don't treat the chain as an anonymous confession booth. In other words, as the public ledger and traceability tools become more powerful, it's basically impossible to hide if someone wants to investigate you; but don't be scared either. Privacy is more about "not letting random passersby easily build a complete profile of your assets," not "being completely untraceable by anyone forever." My current approach is small-scale trial and error, separate addresses, avoid mixing real-name entry points with on-chain chaos, and avoid overly high-profile obfuscation tools if possible... Recently, I've seen everyone tightly linking ETF capital flows and US stock risk appetite for interpretation, and whenever crypto rises or falls, it’s blown out of proportion. In fact, regulatory sentiment is similar—trends come quickly. Anyway, I’d rather assume "more and more people will be able to see," and leave fewer handles for trouble, for now.