Public blockchains record every transaction permanently, which makes them, unusually, a form of financial record that an investigator can read without a subpoena. Analytics turns that raw ledger into attributed flows by grouping addresses that are likely controlled by the same party and labelling clusters with known services.
Attribution is probabilistic and its quality varies with the vendor and the chain. Treating a cluster label as a fact, rather than as an inference, is the most common analytical error in this area.