Recently, I've seen people watching large on-chain transfers and hot/cold wallets on exchanges, and as soon as there's movement, they say "Smart money is coming/going," and after a while, it gets a bit tiring... As for on-chain privacy, I think ordinary users shouldn't have too high expectations: which address you use, who you interact with, when you transfer—these can all likely be pieced together. The better the tools, the easier it is for people to monitor.

Don't think of compliance boundaries as "having privacy = hiding in the dark." Frankly, platforms and regulators want explanations: where the funds come from, what they're used for. If you really want to do something, there are probably only two things: separate your personal life from on-chain addresses, and don't pile all your operations into one address; and secondly, don't blindly trust that L2 or small tools can "hide" you—more often, they just reduce the chance of casual observation.

Forget it, to put it plainly: don't expect on-chain activity to be as anonymous as cash, and don't scare yourself. Minimize leaving traces where you can, and if you're ever questioned, at least you can explain yourself clearly. That's all for now.