Privacy-focused cryptocurrencies were among the big winners in 2025, but 2026 has been far less kind. Several previous leaders have fallen sharply, while newer names have seen choppy gains. Now that February is upon us, crypto whales are no longer betting blindly.

Instead, they buy and sell these three privacy coins more selectively, guided by momentum shifts, early reversal signals, and chart structures that can define the next leg up or down.

Zcash (ZEC)

Zcash has been one of the strongest privacy coins over the past year, but momentum has slowed sharply heading into 2026. In the past month alone, ZEC price has fallen nearly 26%, reflecting broader risk-off behavior. However, that weakness is beginning to reverse as February approaches.

Over the past 24 hours, crypto whales have been aggressively moving in. Standard Zcash whales increased their holdings by 45.19%, lifting their balance to around 14,500 ZEC.

At the same time, the 100 largest addresses increased their exposure by 14.6%, bringing their total holdings to 43,722 ZEC.

In total, whales have added approximately 6,500 ZEC, worth around $2.5 million at today’s exchange rates. Exchange balances also fell during this period, reinforcing that this movement is evidence of accumulation, not distribution.

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The chart explains why the whales are trading now. Since late December, ZEC has been trading within a bear flag, a bearish continuation pattern that suggested a potential downside of 42%.

However, that risk is now being challenged. Zcash has started to push above the upper trendline of the flag, weakening the structure for a breakdown.

Momentum indicators support the shift. Between October 30 and January 25, ZEC price formed a higher low, while the Relative Strength Index (RSI) formed a lower low.

RSI measures momentum strength, and this divergence signals a hidden bullish divergence, meaning that selling pressure was easing beneath the surface. Since this signal appeared, ZEC has already risen around 24%.

The most important level ahead is $449. A clear break above this will invalidate most of the bear flag pattern and open space towards $561, where the bearish structure collapses completely.

On the downside, a loss of $325 would restore the breakdown threat and undermine the bull thesis from the whales.

Dusk (DUSK)

Among privacy coins, Dusk Network stands out for one reason: contradictory whale behavior. DUSK is still up nearly 200% in the past 30 days, likely due to investors’ FOMO after missing out on the DASH and XMR gains. However, it has corrected more than 38% in the past seven days, creating a clear divide between different groups of holders as February approaches.

On-chain data shows that smaller whales are reducing exposure, while larger players are doing the opposite throughout this seven-day decline.

Standard crypto whale wallets reduced their holdings by 7.22% during the decline. In comparison, the top 100 addresses increased their holdings by 13.88%, bringing the total holdings to 464.44 million DUSK.

This means that around 56.6 million DUSK were added by mega-whales during the correction, worth around $8.2 million at today's exchange rate.

This split makes sense when you look at it on the graph.

DUSK is forming a potential inverted head and shoulders pattern, but the neckline is sloping downwards, making a clear breakout to the upside more difficult.

The critical resistance level is between $0.176 and $0.190. A daily close above $0.190 would confirm the pattern and open up a measured rally of approximately 68%, with targets at $0.321–$0.330.

Momentum indicators are early but showing improvement. Between January 24th and January 28th, the price is attempting to form a higher bottom, while the RSI is showing a lower bottom, suggesting hidden bullish divergence.

However, this setup only works if the price stays above $0.140. A break below this level will remove the divergence and open up a decline towards $0.098.

In short, privacy coin whales are divided on DUSK. Smaller holders are reducing risk after a sharp decline. Mega whales appear to be buying on weakness and positioning themselves for a possible neckline break.

Until $0.190 is recaptured, this remains a high-risk setup rather than a confirmed trend.

COTI

Among privacy coins, COTI has quietly entered a correction phase. The token is down about 22% over the past month and 14% over the past seven days, reflecting continued pressure within a falling channel. But behind this weakness, whale behavior suggests that selling pressure may be easing.

On-chain data shows a clear shift. Since January 13, COTI whales have sharply reduced their holdings, from 733.46 million COTI to a low of 718.17 million.

This distribution coincides with the risk of a channel breach and explains why the price remained weak through mid-January. However, this pattern has begun to change.

Since January 22, crypto whales have started buying again, increasing their holdings from 718.17 million to 719.1 million COTI. This corresponds to an increase of around 930,000 COTI.

This purchase is still modest compared to previous sales, which is significant. It suggests early positioning, not full conviction.

COTI price chart explains why whales are cautious but interested. COTI is staying within a falling channel, but momentum has shifted.

Between November 4 and January 25, the price made a lower low, while the RSI showed a higher low. This bullish divergence often signals that selling pressure is easing, even though the price has not yet reversed. Such divergence is often associated with a trend reversal.

For this signal to be meaningful, the levels need to be broken. A daily close above $0.019 is the first test. If this happens, it opens the way to $0.024 – a potential 40% gain that would neutralize the bearish structure.

Until then, downside risk remains. A loss of $0.015 would extend the divergence and expose deeper levels.