Large holders have become active again in the tokenized gold market. 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. I obtained this data through my own analysis of on-chain metrics using the Nansen platform.
The most notable movements were recorded by the management company Abraxas Capital. In a single day, this participant withdrew approximately 3,931 XAUT worth about $15.96 million from four major platforms. The transactions were distributed as follows: 760 XAUT ($3.09 million) from Bitfinex, 940 XAUT ($3.82 million) from OKX, 230 XAUT ($934,000) from Bybit, and 2,001 XAUT ($8.12 million) from Binance.
Particular attention should be paid to the activity of an anonymous whale with the identifier 0xD20E. After a three-year hiatus, this wallet resumed accumulating XAUT and over the past three days withdrew 953 tokens worth about $3.93 million from Binance. Such behavior is a classic signal of long-term accumulation, rather than short-term speculation.
Mixed picture among the largest holders
However, the overall picture is not so clear-cut. Despite a strong inflow of funds into cold wallets, the two largest tracked addresses (0x77134c and 0x28c6c0) reduced their balances by more than 5,000 XAUT each over the past 30 days. This indicates a redistribution of assets within the whale pool, rather than a total trend reversal.
Over the week, the net outflow of XAUT from exchanges exceeded $34.1 million — four times the average weekly value. Such dynamics are typically interpreted as a shift of assets into long-term storage, which reduces seller pressure on the market.
It is worth noting that similar processes are observed with another tokenized gold — PAXG from Paxos. The rise in demand for digital equivalents of the precious metal occurs against the backdrop of spot price volatility caused by geopolitical tensions between the US and Iran.
My analysis: The current surge in XAUT outflows is not panic, but deliberate accumulation by institutional players. However, the presence of large sellers among the top holders slightly dampens the bullish sentiment. The key trigger for further movement will be signals from the US Federal Reserve and foreign policy factors. For now, whales are voting with their feet — and with their tokens.