Recently, I saw someone trying to connect ETF capital flows, U.S. stock market risk appetite, and crypto market rises and falls into a single "grand narrative," which is honestly a bit funny and a bit frustrating: macro factors certainly influence sentiment, but don’t use it as a shield; on-chain activity that should be scrutinized will still be scrutinized.

My current simple expectation about privacy is this: on-chain is not "anonymous," at best it looks pretty scattered before being targeted. Whether you use coin mixers or privacy pools, honestly, it’s just increasing costs, not a disappearance technique; compliance boundaries are not suddenly cut off overnight, but gradually tighten at entry, exit, and bridge points. Ordinary users wanting to protect themselves should avoid suspicious assets, avoid signing suspicious contracts, and minimize cross-chain bridge usage... Anyway, I still mark suspicious contracts when I see them, to prevent everyone from pretending to be innocent later.