Privacy-focused cryptocurrencies are experiencing striking market dynamics after major exchange delistings in 2025. One notable project hit $545 all-time high despite 73 CEX removals—counterintuitively, each delisting appears to concentrate remaining liquidity, making what's left increasingly scarce. When fewer trading venues carry an asset, access becomes harder and demand intensifies among those who still need it. This mechanism reveals something about market structure: removing supply chains doesn't kill demand, it reshapes how people value what remains available. Compare this to another privacy asset currently trading roughly 50% below its peak despite Grayscale pursuing an ETF filing. The difference? Regulatory pressure and compliance frameworks seem to create a discount for assets perceived as friction-heavy. Exchanges delist to reduce compliance burden; smaller available liquidity paradoxically increases value for committed holders, while regulatory uncertainty simultaneously crushes broader market sentiment. The takeaway: delisting and compliance restrictions operate as opposing forces—one concentrating value through scarcity, the other eroding it through perception.