{"slug":"privacy-coin-delistings-and-quote-currency-isolation","reviewed":"2026-10-20","observationPeriod":"2023-05-25/2026-09-23","kind":"empirical","sourceFingerprints":[{"label":"ZEC OKX spot USDT hourly archive","sha256":"90b1dccbc4d7ada869fc11b9e2253f224de6404f0254969442de61ea6e8d6d60"},{"label":"Coinbase USDT USD hourly archive","sha256":"111baeb4e18a52b0b7f26fc6d25e44d93c7537bb546cf38b5f231c4e1fe8a50f"}],"title":["Monero XMR and Zcash ZEC: delistings, liquidity and USD vs USDT","门罗币 XMR 与 ZEC：交易所下架、流动性和 USD/USDT 计价"],"summary":["Read Monero XMR and Zcash ZEC market data after delisting notices. Separate regional access, venue liquidity and USD versus USDT price exposure.","阅读门罗币 XMR、Zcash ZEC 下架相关行情时，区分地区访问条件、交易所流动性，以及 USD 与 USDT 计价暴露。"],"relatedCoins":["monero","zcash","bitcoin"],"relatedTopics":["listing","market"],"table":{"caption":["Separate historical source pools; not a matched XMR–ZEC experiment","独立的历史来源池；不是 XMR—ZEC 配对实验"],"columns":[["Series / measure","序列 / 指标"],["Observation","观测"]],"rows":[["ZEC OKX spot USDT closed hours / 已收盘小时","7284 / 7284"],["ZEC first–last UTC hour / 首末 UTC 小时","2025-11-24 12:00 → 2026-09-23 23:00"],["Coinbase USDT/USD observed hourly closes / 小时收盘观测","29208"],["USDT/USD observed close range / 收盘范围","0.99601–1.00507"],["Median absolute deviation from USD 1 (%) / 偏离 1 美元绝对值中位数","0.0320"],["Maximum absolute deviation (%) / 最大绝对偏离","0.5070"]]},"figures":[],"methods":[{"heading":["A delisting changes access in a specific market","下架改变的是特定市场的访问条件"],"paragraphs":[["Kraken’s notice describes stopping XMR trading and deposits for EEA clients on 31 October 2024. Its scope is regional, even though several quote pairs were affected. Reading that notice as a worldwide disappearance of XMR would lose the most important qualification. Pair, product, client location and effective date belong in any coverage statement.","Kraken 的通知描述了 2024 年 10 月 31 日对欧洲经济区客户停止 XMR 交易与充值。即使涉及多个计价交易对，其适用范围仍是区域性的。将它理解为 XMR 在全球消失，会丢掉最重要的限定。交易对、产品、客户地区和生效日期都应保留在覆盖说明中。"],["Restricted access can fragment the observable market, but proving thinner global liquidity requires comparable venue depth or spread observations before and after the restriction. Candle counts and a venue notice alone cannot quantify that effect. ZEC and XMR also have distinct market histories; a shared privacy label does not make them interchangeable controls.","访问受限可能使可观测市场分化，但证明全球流动性变薄，需要限制前后可比的交易所深度或价差数据。K 线数量和交易所通知本身不能量化这一影响。ZEC 与 XMR 的市场历史也不同，同属隐私类别并不意味着能相互充当等价对照。"]]},{"heading":["What the saved prices actually show","保存价格实际说明了什么"],"paragraphs":[["The ZEC/USDT spot archive contains all 7,284 expected hourly closes between the displayed endpoints. The separate Coinbase USDT/USD archive contains 29,208 observed hourly closes from 25 May 2023 13:00 UTC to 23 September 2026 23:00 UTC. Coverage of the latter is not complete and no gaps were filled. Its closing prices range from 0.99601 to 1.00507 dollars per USDT. These are hourly closes, not intrahour extremes.","ZEC/USDT 现货归档在表列端点之间包含应有的全部 7,284 根小时收盘。独立的 Coinbase USDT/USD 归档从 2023 年 5 月 25 日 13:00 UTC 至 2026 年 9 月 23 日 23:00 UTC，有 29,208 个小时收盘观测；该序列覆盖不完整，缺口没有填补。其收盘价范围为每 USDT 0.99601 至 1.00507 美元。这是小时收盘范围，不是小时内最高最低价。"],["The median absolute distance from one dollar is 0.0320%, and the largest observed closing distance is 0.5070%. A stablecoin quote is therefore not an exact dollar identity throughout this saved sample. These descriptive distances are not arbitrage returns: fees, transfer access, timing and available size have not been measured.","偏离一美元的绝对值中位数为 0.0320%，最大观测收盘偏离为 0.5070%。因此，在这份保存样本中，稳定币报价并非始终与美元完全相同。这些描述性偏离不是套利收益，本文没有测量费用、转账条件、时间差与可交易规模。"]]},{"heading":["Keep the venue, instrument and quote together","同时保留交易所、产品与计价币"],"paragraphs":[["A USD-denominated asset return and a USDT-denominated return include different quote exposure. Converting a USDT observation to dollars requires the corresponding USDT/USD price at the same time. Changing both venue and quote at once adds further differences. Comparing XMR/USD with ZEC/USDT cannot isolate any one of those effects.","美元计价资产收益和 USDT 计价收益包含不同的计价币暴露。把 USDT 观测换成美元，需要同一时点的 USDT/USD 价格；如果同时更换交易所，还会增加其他差异。直接比较 XMR/USD 与 ZEC/USDT，不能单独识别其中任何一个因素。"],["This site labels XMR’s live hourly baseline as Kraken · USD and keeps it separate from USDT pools. Where the venue returns base volume and a volume-weighted average price, displayed quote turnover is derived from those fields; it is not an independently observed dollar trade ledger. The adapter choice documents our data source, not a claim that other XMR markets do not exist.","本站将 XMR 实时小时基线标为 Kraken · USD，并与 USDT 来源池分开。交易所返回基础币成交量和成交量加权均价时，计价成交额由这些字段推导，不是独立观测的美元逐笔成交账本。适配器选择说明本站的数据来源，不表示其他 XMR 市场不存在。"]]},{"heading":["What remains unmeasured","仍未测量的部分"],"paragraphs":[["No matched historical XMR/USD and XMR/USDT panel has been assembled for this article. We therefore do not publish a cross-quote XMR volatility ranking, a quantified delisting premium or a global liquidity-loss percentage. Those questions require the same asset at matching times, clear access scope and appropriate exchange-rate observations.","本文尚未建立同期 XMR/USD 与 XMR/USDT 历史配对样本，因此不发布 XMR 跨计价波动率排名、量化下架溢价或全球流动性损失比例。回答这些问题需要同一资产、同期观测、明确访问范围及合适的汇率数据。"]]},{"heading":["Does an XMR delisting mean Monero is unavailable everywhere?","XMR 被下架就意味着全球都不能交易门罗币吗？"],"paragraphs":[["No. Read the venue, affected pairs, client jurisdiction and effective dates. The Kraken notice discussed here is specific to EEA clients. It cannot be expanded into a statement about every market worldwide.","不是。需要看交易所、受影响交易对、客户地区与生效日期。本文讨论的 Kraken 通知针对欧洲经济区客户，不能扩大为对全球所有市场的判断。"]]},{"heading":["Can USD and USDT crypto return series be mixed?","美元 USD 和 USDT 计价的加密收益可以混用吗？"],"paragraphs":[["They need explicit conversion and matching timestamps before comparison. The saved USDT/USD closes vary around one dollar, and changing venue can add another difference. Comparing XMR/USD with ZEC/USDT does not isolate a quote-currency effect.","比较前需要明确转换口径并配对时间戳。保存的 USDT/USD 收盘在一美元附近变化，更换交易所还可能增加差异。比较 XMR/USD 与 ZEC/USDT，不能单独识别计价币效应。"]]}],"limitations":["Different assets, venues and observation periods remain separate. ZEC archive coverage is not market-wide liquidity; quote variation is not causal evidence about privacy coins. No historical matched XMR comparison or executable arbitrage model is presented.","不同资产、交易所和观察期间保持分开。ZEC 归档覆盖不等于全市场流动性，计价币变化也不是隐私币的因果证据。本文不提供历史 XMR 配对比较或可执行套利模型。"],"sources":[{"title":["Kraken: XMR restrictions in the EEA","Kraken：XMR 在欧洲经济区的限制"],"url":"https://support.kraken.com/articles/support-for-monero-xmr-in-europe"},{"title":["Coinbase candle data definitions and missing-interval warning","Coinbase K 线定义与缺失区间说明"],"url":"https://docs.cdp.coinbase.com/api-reference/exchange-api/rest-api/products/get-product-candles"},{"title":["OKX historical candle documentation","OKX 历史 K 线文档"],"url":"https://www.okx.com/docs-v5/en/#rest-api-market-data-get-candlesticks-history"}]}