Analysis might reveal what kinds of activities are taking place but it doesn't reveal who is doing it. This capability has pros and cons.
I was thinking about this.
1) Since it's unlikely you'll send your entire BTSX balance to one person other than yourself your change comes back to the same address
2) At some point you're going to make a transfer to a centralized exchange and the receiving address can be linked to an account.
The question is can you know which addresses belong to an exchange that can be subpoenaed. Or more likely they'd go to an exchange they have jurisdiction over and get your deposit addresses. There are only a handful of exchanges so the net wouldn't have to be that wide. Once they have that they can monitor the flow of funds in and trace them back to your address in #1.
Someone please tell me this would never work .