Recently, I had a discussion with a fren in the TradFi sector about a puzzling phenomenon in the Crypto Assets market. This phenomenon is that the prices of certain Digital Money that have been delisted by exchanges have actually risen significantly. After careful consideration, I found it difficult to explain this seemingly contradictory market behavior.

What is particularly striking is that tokens like $ALPACA, $BAKE, and $BIFI, after being delisted, not only did not depreciate but instead saw several times increase in value, which is quite perplexing. Even more puzzling is that, whether in the spot market or the futures market, these delisted coins seem to show a rise trend.
This phenomenon challenges our traditional understanding of the market. Typically, when an asset is removed from a mainstream exchange, it is seen as a negative signal and should lead to a price drop. However, in the Crypto Assets market, we have observed the exact opposite situation.
This anomalous phenomenon may contain complex market mechanisms and investor psychology behind it. Are there certain factors that we have not fully understood driving these price fluctuations? Perhaps this reflects the particularity and immaturity of the Crypto Assets market?
As a market participant confused by this phenomenon, I hope to receive some explanations from professionals with in-depth knowledge of it. If someone could systematically clarify the principles behind this phenomenon, I believe it would not only help me organize my thoughts but also provide valuable insights for other investors who are equally perplexed.
In this rapidly evolving and unpredictable world of Crypto Assets, understanding such market phenomena is undoubtedly of great significance for formulating investment strategies and risk management. It reminds us that in this emerging market, traditional market logic may not always apply, and we need to adopt a more open and flexible mindset to view and analyze these phenomena.