What blockchain analysis can — and cannot — establish

Blockchain analysis provides an unusually complete record of movement. Transfers, timing and clustering can be examined directly, and this is a genuine advantage over conventional banking records.

The limits are equally clear. A ledger records addresses, not identities. Attribution depends on off-chain material: exchange records, correspondence, device evidence or formal requests to service providers. Presenting clustering heuristics as identification overstates what the data supports.

Used carefully, on-chain analysis narrows the field and directs conventional enquiry. It does not replace it.