Theoretically, yes, but as a practical matter, no. The way ATF gun tracing works, first they contact the manufacturer and query the gun's serial number. Then they go to the distributor and then to the selling dealer. So, it's easy to identify the first retail buyer. After that, it gets murky if the gun changes hands many times, even if it subsequently passes through dealers again. The question is, how much time is ATF willing to spend on this trace? If it's a gun recovered in a high-profile crime, sure, they'll do it. If it has to do with confiscating millions of guns, they would simply be overwhelmed.
Also note the passage of time. Dealer records can be destroyed after 20 years. If a dealer goes out of business, supposedly the records are to be sent to the ATF, but then they end up in an irretrievable "Raiders of the Lost Ark" warehouse. (ATF is prohibited from digitizing the records.) The upshot is that if you bought a gun 30, 40, or 50 years ago (or, say, your father did), to all intents and purposes it is untraceable.