Whales accumulate Zcash as bearish structure weakens

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Privacy coins surged in 2025, but many have struggled in early 2026. Zcash is one of them, with prices down nearly 26% over the past month. However, on-chain data shows large holders are beginning to step in as February approaches.

Over the past 24 hours, standard Zcash whale wallets increased their holdings by more than 45%, while the top 100 addresses added roughly 6,500 ZEC, worth about $2.5 million. Exchange balances declined at the same time, suggesting accumulation rather than distribution.

Technically, Zcash is attempting to break above a multi-week bear flag, supported by bullish divergence on momentum indicators. A sustained move above key resistance could invalidate the bearish setup, while failure would reopen downside risk.

[bonk]

this all feels like early positioning, not full conviction yet