Privacy coins were among the standout winners of 2025, but 2026 has been far less forgiving. Several former leaders have slipped into sharp corrections, while newer names flash unstable rebounds. As February begins, crypto whales are no longer betting blindly.
Instead, they are buying and selling these three privacy coins selectively, guided by momentum shifts, early reversal signals, and chart structures that could define the next leg up (or down).
Zcash has been one of the strongest privacy coins over the past year, but momentum cooled sharply heading into 2026. Over the last month alone, the ZEC price dropped nearly 26%, reflecting broader risk-off behavior. That weakness, however, is starting to shift as February approaches.
Over the past 24 hours, crypto whales have stepped in aggressively. Standard Zcash whales increased their holdings by 45.19%, lifting their balance to roughly 14,500 ZEC.
At the same time, the top 100 addresses raised their exposure by 14.6%, pushing combined holdings to 43,722 ZEC.
In total, whales added approximately 6,500 ZEC, worth about $2.5 million at the current price. Exchange balances also declined during this period, reinforcing that this move reflects accumulation, not distribution.
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The chart explains why whales are acting now. Since late December, ZEC has been trading inside a bear flag, a bearish continuation pattern that projected a potential 42% downside.
However, that risk is now being challenged. Zcash has started pushing above the upper trendline of the flag, weakening the breakdown structure.
Momentum indicators support the shift. Between October 30 and January 25, the ZEC price formed a higher low, while the Relative Strength Index (RSI) made a lower low.
RSI measures momentum strength, and this mismatch signals hidden bullish divergence, meaning selling pressure was fading beneath the surface. Since that signal appeared, ZEC has already rallied about 24%.
The key level ahead is $449. A clean break above it would invalidate most of the bear flag and open room toward $561, where the bearish structure fully collapses.
On the downside, losing $325 would restore breakdown risk and invalidate the bullish whale thesis.
Among privacy coins, Dusk Network stands out for one reason: conflicting whale behavior. DUSK is still up nearly 200% over the past 30 days, possibly triggered by investors' FOMO rush after missing DASH and XMR rallies. However, it has corrected more than 38% over the past seven days, creating a sharp divide between different holder groups as February approaches.