Major cryptocurrency holders are once again showing heightened interest in tokenized gold, using the correction in spot prices to aggressively accumulate the asset. Over the past 24 hours, the net outflow of Tether Gold (XAUT) from centralized exchanges reached $17.4 million, approximately 16 times the daily average.
On-chain data analysis confirms that this is not an isolated spike. Asset management firm Abraxas Capital withdrew approximately 3,931 XAUT (roughly $15.96 million) from four major trading platforms. The transactions were distributed across Bitfinex (760.244 XAUT), OKX (940.207 XAUT), Bybit (230 XAUT), and Binance (2,001 XAUT).
Even more telling is the behavior of an anonymous whale (wallet 0xD20E), who resumed accumulating XAUT after a three-year hiatus. Over the past three days, 953 XAUT worth approximately $3.93 million were withdrawn from Binance. This is a classic signal of long-term accumulation: investors are moving assets into cold storage with no plans to sell in the near future.
Mixed picture: not all signals are bullish
However, the global picture turned out to be more complex than it might seem at first glance. Despite the massive outflow from exchanges, Nansen data records a significant redistribution of assets among the largest holders. One participant withdrew about 2,900 XAUT ($11.8 million) in a single day, but another, conversely, reduced their balance by 757 tokens over the same period.
The two largest tracked wallets (0x77134c and 0x28c6c0) have reduced their positions by more than 5,000 XAUT each over the past 30 days. This selling pressure somewhat dampens the bullish sentiment generated by the overall outflow from exchanges. Thus, we are witnessing a classic struggle between long-term accumulators and short-term speculators taking profits.
Interest in tokenized gold is systemic in nature. Similar net outflows have previously been recorded for Paxos Gold (PAXG), indicating growing demand for this asset class as a whole. Given that XAUT is pegged to physical gold, its dynamics will directly follow spot prices. Future signals from the U.S. Federal Reserve and geopolitical tensions will remain key drivers of major holders' behavior.
My opinion: The sharp increase in XAUT outflows is a classic "smart money" accumulation pattern amid temporary market weakness. However, pressure from some large holders suggests that consensus has not yet been reached. Monitor weekly flows: if the trend continues, we will see the formation of a strong base for a new rally in tokenized gold.