Privacy coins were one of the standout winners in 2025, but 2026 was less forgiving. While several former leaders are in a sharp correction, new names are making a precarious recovery. As February begins, crypto whales will no longer bet blindly.
Instead, they are selectively buying and selling these three privacy coins, guided by momentum shifts, early reversal signals, and chart structure that can define the next up (or down) leg.
Zcash (ZEC)
Zcash was one of the most powerful privacy coins over the past year, but its momentum has cooled sharply heading into 2026. Reflecting widespread risk-off behavior, ZEC prices have fallen nearly 26% in the last month alone. But that weakness is starting to change as February approaches.
Over the past 24 hours, crypto whales have been actively intervening. The standard Zcash whale increased its holdings by 45.19%, raising its balance to around 14,500 ZEC.
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At the same time, the exposure of the top 100 addresses increased by 14.6%, with total holdings reaching 43,722 ZEC.
In total, the whale added about 6,500 ZEC, equivalent to about $2.5 million at current prices. Exchange balances also declined during this period, confirming that this movement reflects accumulation rather than distribution.
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This graph explains why the whale is behaving the way it is. Since late December, ZEC has been trading within the bear flag range, a bearish continuation pattern, predicting a potential 42% downside.
But that risk is now being challenged. Zcash is starting to push the upper trend line of the flag upwards and the breakdown structure is weakening.
Momentum indicators support this change. From October 30th to January 25th, ZEC price formed higher lows and Relative Strength Index (RSI) formed lower lows.
The RSI measures the strength of momentum, and this discrepancy indicates a hidden bullish divergence, meaning selling pressure was weakening behind the scenes. ZEC is already up about 24% since that signal appeared.
The upcoming major level is $449. A clean break above this would invalidate most of the bearish flags and open room for the bearish structure to fully collapse at $561.
On the downside, a loss of $325 would reinstate bankruptcy risk and invalidate the bullish whale thesis.
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Dusk (DUSK)
Among privacy coins, Dusk Network stands out for one reason. That’s the paradox of whale behavior. DUSK is still up nearly 200% over the past 30 days, likely triggered by the FOMO rush of investors who missed out on the DASH and XMR rally. However, it has corrected more than 38% in the past seven days, creating a wide divide between different holder groups as February approaches.
On-chain data shows that while small whales have reduced exposure, large players have done the opposite throughout the past seven days of pullback.
A standard crypto whale wallet reduced its holdings by 7.22% during the decline. In contrast, the top 100 addresses increased their hidden assets by 13.88%, raising their total holdings to 464.44 million DUSK.
This means that approximately 56.6 million DUSKs were added by the mega whale during the adjustment, equivalent to approximately $8.2 million at current prices.
Looking through the chart, this split makes sense.
DUSK forms a potential inverted head-and-shoulders structure, but the neckline slopes downward, increasing the difficulty of a clean breakout.
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The key resistance zone is between $0.176 and $0.190. If the price closes for the day above $0.190, the pattern will be confirmed and a measured upside range of about 68% will open up, with a target of $0.321 to $0.330.
Momentum signals are early but improving. From January 24th to January 28th, the price is trying to form higher lows, but the RSI has recorded lower lows, suggesting a hidden bullish divergence.
However, this setting only applies if the price is above $0.140. Below this level, the divergence will be resolved and the downside will be exposed towards $0.098.
In other words, Privacy Coin Whale disagrees regarding DUSK. Small holders are avoiding risk after the sharp decline. Mega whales seem to be buying on weakness and are bracing for a possible neckline break.
Until $0.190 is recovered, this is not a confirmed trend and remains a high-risk setup.
coty
Among privacy coins, COTI has quietly entered the adjustment stage. The token is down approximately 22% over the past month and 14% over the past seven days, reflecting sustained pressure within a descending channel. However, beneath that weakness, the whale’s behavior suggests that the selling phase may be slowing.
On-chain data shows clear changes. Since January 13, COTI whales have sharply reduced their holdings, dropping from 733.46 million COTI to a low of 718.17 million COTI.
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This distribution is consistent with channel collapse risk and explains why prices remained depressed until mid-January. However, that trend is starting to change.
Since January 22, crypto whales started adding again, increasing their holdings from 718.17 million COTI to 719.1 million COTI. This is an increase of approximately 930,000 COTI.
This buy is still modest compared to the previous sell, but that’s important. That suggests early positioning, not complete certainty.
The COTI price chart explains why whales are cautiously interested. COTI is still in a descending channel, but the momentum is changing.
From November 4th to January 25th, prices made new lows, but the RSI made higher lows. This bullish divergence often indicates that selling pressure is easing, even if price has not yet reversed. This type of divergence often coincides with a trend reversal.
For that signal to be significant, the level must collapse. The first test will be for the closing price of the day to exceed $0.019. A clearing would pave the way for a 40% rebound to $0.024 that could neutralize the bearish structure.
Until then, downside risk remains. Losing $0.015 could extend the divergence timeline and expose deeper levels.
