Whales Increased Holdings in Three Mid‑Cap Privacy Coins in January

Beincrypto reports that whales accumulated mid-cap privacy coins in January as capital rotated from large-cap leaders globally. Notably, Horizen, Railgun and Decred showed strong on-chain signals and rising whale interest. Horizen (ZEN) is a privacy layer protocol built on Base and is described as aiming to deliver privacy while remaining compliant; it has a market capitalization of over $226 million, rose more than 50% in January and remains down by more than 90% from its 2021 peak.

CoinGlass data shows Grayscale has increased ZEN holdings since late 2024 and now holds more than 948,000 ZEN, equivalent to over 5% of circulating supply, a move the outlet says signals long-term conviction. RAILGUN (RAIL) is an on-chain privacy system using zero-knowledge cryptography; RAIL has a market cap of over $165 million, Nansen data shows exchange balances declined by more than 5% while whale wallets increased by over 24%, and Messari reported Railgun processed $2 billion in volume in 2025 and generated $5 million in revenue, with Railgun Quant saying at prices below $3 RAIL may be undervalued.

Decred (DCR) is a Layer 1 hybrid PoW/PoS blockchain with privacy features, has a market cap of over $479 million, and more than 10 million DCR are now staked (over 62% of supply), the highest ratio since March 2025; the coin has entered CoinGecko’s top five privacy coins by market cap and some analysts project higher prices from the current $27.6 level.

Key Topics

Crypto, Horizen, Railgun, Decred, Grayscale, Messari