Major crypto asset 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 surged 16 times compared to the average daily figure, reaching $17.4 million. This is a powerful signal that I associate with accumulation of the asset by large players during a local dip in spot gold prices.
Analysis of on-chain data from Nansen shows impressive dynamics. Over the past week, the net outflow of XAUT exceeded $34.1 million — four times the average weekly value. Such volumes of asset withdrawals from exchanges are traditionally interpreted as preparation for long-term storage. Investors are moving tokens to personal wallets, with no plans to sell them in the near future.
Key Whale Movements
Asset management company Abraxas Capital withdrew approximately 3,931 XAUT (~$15.96 million) from four major platforms. The distribution is as follows: 760.244 XAUT ($3.09 million) left Bitfinex, 940.207 XAUT ($3.82 million) from OKX, 230 XAUT ($934,000) from Bybit, and the bulk, 2,001 XAUT ($8.12 million), was withdrawn from Binance.
However, it's not just institutional players showing activity. An anonymous wallet (0xD20E), which had been dormant for three years, suddenly resumed accumulating XAUT. Over the past three days, 953 tokens worth approximately $3.93 million were withdrawn from it. This is a classic "whale" pattern, returning to the market after a long pause, using the correction as an entry point.
A Mixed Picture
Nevertheless, the overall picture is not so clear-cut. Despite the powerful inflow of funds into cold wallets, two of the largest tracked addresses (0x77134c and 0x28c6c0) have reduced their balances by more than 5,000 XAUT each over the last 30 days. One participant withdrew about 2,900 XAUT (~$11.8 million) in a single day, while another decreased their position by 757 tokens over the same period.
This indicates that active redistribution of assets is taking place in the market. Some large holders are taking profits or rebalancing portfolios, while others are conversely increasing their positions. This divergent dynamic creates volatility, but the overall trend towards accumulation, judging by the outflow from exchanges, persists for now.
My professional opinion: The current surge in XAUT outflow is not a spontaneous decision but a strategic move. Whales are using the temporary weakness in gold, caused by geopolitical factors, to enter at more attractive prices. However, I advise monitoring the actions of the largest holders — if selling pressure from giant addresses intensifies, the bullish momentum could quickly fade. The tokenized gold market is entering a phase of high turbulence, and it is right now that the foundations for the next major move are being laid.