Large crypto asset holders are once again showing heightened interest in tokenized gold. This week, an abnormal surge in withdrawals of Tether Gold (XAUT) from centralized exchanges was recorded, signaling a shift in strategy among institutional players.
According to on-chain analytics, the management company Abraxas Capital withdrew approximately 3,931 XAUT from four major trading platforms, equivalent to about $15.96 million. The transactions were distributed as follows: 760.244 XAUT ($3.09 million) from Bitfinex, 940.207 XAUT ($3.82 million) from OKX, 230 XAUT ($934,000) from Bybit, and 2,001 XAUT ($8.12 million) from Binance.
Notably, an anonymous "whale" (address 0xD20E) also joined this movement, resuming XAUT accumulation after a three-year hiatus. Over the past three days, it withdrew 953 tokens from Binance, worth approximately $3.93 million.
Scale of Outflow: 16 Times Higher Than Average
Data from the Nansen platform confirms the systemic nature of the phenomenon. Over the last 24 hours, the net outflow of XAUT from exchanges amounted to $17.4 million — roughly 16 times the daily average. Looking at the weekly period, the figure is even more impressive: net outflow exceeded $34.1 million, four times the average weekly value.
Traditionally, a sustained withdrawal of tokens from centralized platforms is interpreted as a signal of accumulation. Investors are moving assets into self-custody, implying long-term holding rather than imminent sale.
Notably, similar dynamics are observed for other tokenized gold assets. I previously recorded a significant net outflow of Paxos Gold (PAXG) from exchanges, indicating a global trend: demand for digital gold is rising everywhere.
Not So Clear-Cut: Signals for Caution
However, the global picture is not so straightforward. Nansen data shows a substantial redistribution of assets among the largest holders. One participant withdrew about 2,900 XAUT ($11.8 million) in a day, but another, conversely, reduced its balance by 757 tokens over the same period.
Two of the largest tracked wallets (0x77134c and 0x28c6c0) have decreased their positions by more than 5,000 XAUT each over the last 30 days. This pressure somewhat weakens the bullish sentiment generated by the exchange outflows.
My analysis: We are witnessing a classic divergence: some whales are actively accumulating XAUT, using the correction in physical gold prices, while others are taking profits or reallocating capital. The key drivers remain macroeconomic factors — signals from the U.S. Federal Reserve and geopolitical tensions. Tokenized gold is becoming an increasingly popular tool for hedging risks, but the current volatility requires investors to exercise particular caution.