Analysts Split: Protest Trade or Late-Cycle Blow-Off?

[bonk]

Some analysts see the privacy-coin rally as a reaction to intensifying surveillance — a protest move in a market increasingly shaped by the Travel Rule, sanctions screening, and AML reporting. Others say it looks like a classic late-cycle spike fueled by hype, thin order books, and leverage in a sector worth barely 1% of total crypto market cap. With EU privacy-coin restrictions coming by 2027 and Zcash’s NU6.1 upgrade on the horizon, the market is now watching whether the narrative or the liquidity breaks first.

[Abdul Khan]

Divergent analyst views are common near major market inflection points.

[Rimon Khan]

Hard to tell—both narratives reflect rising uncertainty in the cycle.