Monero and Zcash Lead Crypto Markets as Bitcoin Whales Accumulate 110,000 BTC
Monero (XMR) and Zcash (ZEC) outperformed other major cryptocurrencies during a week of market uncertainty, while Bitcoin whales increased their holdings and Ethereum recorded a significant exchange outflow. Data highlighted by Santiment Intelligence in its October 24, 2026, weekly market update pointed to a contrast between cautious sentiment and continued accumulation by larger crypto holders.
Monero gained 6.6% over the period covered by the report, while Zcash rose 6.2%, making them the two best-performing large-cap assets in Santiment’s summary. Bitcoin (BTC) and Ethereum (ETH), by comparison, slipped as traders reacted to broader market concerns, including headlines surrounding newly disclosed PHP software vulnerabilities.
The figures suggest that privacy-focused cryptocurrencies attracted relative strength during the period. However, one week’s performance does not establish a lasting shift in investor preferences or guarantee that either token will continue outperforming the wider market.
Bitcoin Whales Add 110,000 BTC as Ethereum Leaves Exchanges
Santiment reported that wallets holding between 10 and 10,000 BTC accumulated approximately 110,000 Bitcoin over one month. The analytics firm described this as the fastest accumulation rate recorded during 2026, highlighting continued buying by medium-sized and large holders despite market weakness.
Smaller Bitcoin wallets also continued accumulating, according to the report. When multiple wallet groups increase their balances simultaneously, analysts may interpret the pattern as evidence that demand persists across different investor categories. Wallet balances alone, however, cannot confirm why holders are buying or whether they will maintain those positions.
Ethereum presented another notable on-chain development. Approximately 170,000 ETH left cryptocurrency exchanges on October 22, marking the largest single-day outflow in three months, Santiment reported. The movement coincided with a period when market fear reached a peak.
Exchange outflows can indicate that investors are moving assets into private wallets, staking services or other forms of custody rather than keeping them readily available for exchange trading. This can reduce the amount of ETH immediately held on exchanges, but it does not necessarily mean that all withdrawn tokens have been purchased for long-term investment.
The timing of the outflow is therefore worth monitoring, particularly if it is followed by sustained withdrawals and evidence of reduced selling pressure. Without information about the destinations and purposes of the transfers, the movement should not automatically be interpreted as a bullish signal.
Crypto Sentiment Recovers as Privacy Coins Attract Attention
Santiment also tracked a change in social sentiment during the week. Its ratio of positive to negative cryptocurrency-related posts fell to 0.96 before recovering to 1.08 within a day. The rebound suggests that the balance of measured social commentary shifted back toward positive territory after a period of heightened concern.
The PHP security vulnerabilities contributed to headlines about cybersecurity risks, while other developments included Strategy’s spending on share buybacks relative to Bitcoin purchases, Solana’s Alpenglow upgrade, the U.S. Office of the Comptroller of the Currency’s first proposed rule under the GENIUS Act, and Switzerland’s first retail spot Bitcoin exchange-traded fund.
These developments cover different parts of the digital asset market, from network upgrades and regulation to institutional capital allocation. They also show why market sentiment can change rapidly as traders weigh technical risks, policy developments and investment flows.
For now, the week’s data presents three distinct signals: privacy coins led the reported large-cap performance, Bitcoin holders accumulated substantial balances, and Ethereum experienced a sharp exchange outflow. Whether those trends persist will depend on subsequent price action, continued on-chain activity and broader market conditions. Santiment’s figures offer useful context, but they are not by themselves proof of an impending market rally.
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