Cryptowhales are once again showing increased interest in tokenized gold, actively withdrawing assets from centralized exchanges. Over the past 24 hours, the net outflow of Tether Gold (XAUT) from trading platforms reached $17.4 million — approximately 16 times the daily average. This activity indicates a strategic accumulation of the asset by large players, who are using the current dip in spot gold prices to increase their positions.
Asset management firm Abraxas Capital withdrew approximately 3,931 XAUT (roughly $15.96 million) from four major exchanges simultaneously: Bitfinex (760 XAUT), OKX (940 XAUT), Bybit (230 XAUT), and Binance (2,001 XAUT). This move is one of the most notable in recent weeks. At the same time, an anonymous wallet (0xD20E) resumed accumulating XAUT after a three-year hiatus, withdrawing 953 tokens worth about $3.93 million from Binance over three days.
Mixed Signals: Not All Holders Are Bullish
Despite the impressive outflow from exchanges, an analysis of the largest XAUT holders reveals a mixed picture. Over the past 30 days, two of the largest tracked wallets (0x77134c and 0x28c6c0) reduced their balances by more than 5,000 XAUT each. One participant withdrew approximately 2,900 XAUT ($11.8 million) in a single day, while another decreased their position by 757 tokens over the same period. This suggests that some "whales" prefer to lock in profits or reallocate capital, somewhat weakening the overall bullish sentiment created by the net outflow.
Over the week, the net XAUT outflow exceeded $34.1 million, four times the average weekly value. The trend of withdrawing assets to self-custody typically signals long-term intentions by holders rather than preparation for a sale. However, pressure from large sellers still persists, creating volatility.
Comment from Cryptalist analyst: The current XAUT dynamics reflect a classic accumulation pattern during a dip. Large players are using the gold correction, driven by geopolitical tensions, to increase their stake in the tokenized precious metal. However, the divergent actions of the largest holders remind us that the market remains fragmented — some "whales" are hedging risks, while others are betting on a recovery. Key triggers for further movement will be decisions by the U.S. Federal Reserve and signals from foreign policy.