The tokenized gold market is experiencing anomalous activity. Over the past 24 hours, the net outflow of Tether Gold (XAUT) from centralized exchanges amounted to $17.4 million — roughly 16 times the daily average. On-chain analytics data confirms that major players are actively moving assets into self-custody, ignoring the current volatility in spot gold prices.
Abraxas Capital and Anonymous Whales: Who Is Behind the Move?
Investment firm Abraxas Capital has withdrawn approximately 3,931 XAUT from four major exchanges, equivalent to roughly $15.96 million.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.
At the same time, an anonymous wallet (0xD20E) has become active again, resuming accumulation of XAUT after a three-year hiatus. Over the past three days, 953 tokens worth approximately $3.93 million were withdrawn from Binance. This is a classic signal of long-term accumulation: whales prefer to hold assets off exchanges, minimizing liquidity and regulatory risks.
Seven-Day Trend: Outflow Accelerated 4-Fold
Looking at the broader picture, the net outflow of XAUT over the past seven days has exceeded $34.1 million — four times the average weekly value. This dynamic points to systemic interest in tokenized gold, despite the mixed situation in the spot market.
Recall that gold prices rose in early July but then corrected amid escalating geopolitical tensions between the US and Iran. It was during this dip that large holders decided to increase their positions.
Not So Clear-Cut: Selling Pressure Persists
However, the overall picture is not so straightforward. Data from Nansen shows that the two largest tracked wallets (0x77134c and 0x28c6c0) have reduced their balances by more than 5,000 XAUT each over the past 30 days. This means that amid the active withdrawal from exchanges, some whales are still locking in profits or reallocating capital.
Nevertheless, the sustained outflow of XAUT from centralized platforms is a bullish signal. Investors are voting for long-term storage rather than short-term speculation. A similar trend is observed with Paxos Gold (PAXG), confirming that demand for tokenized gold is growing across the board.
My analysis: The current surge in XAUT outflows is not a coincidence but part of a global trend toward decentralization and risk hedging. Major players are using the dip to accumulate, and if geopolitical tensions escalate, we could see a new rally in the tokenized precious metals segment. I recommend closely monitoring signals from the Fed and the foreign policy agenda — they will be key drivers for the next move.