Spot gold prices are showing a correction, but large investors see this as an opportunity for accumulation. Asset management firm Abraxas Capital has withdrawn millions of dollars in gold-backed stablecoins — Tether Gold (XAUT) — from exchanges. On-chain data analysis shows this is only part of a larger trend.

In July, gold showed mixed dynamics: after an early-month rise, a decline followed, triggered by escalating geopolitical tensions between the US and Iran. It is against this backdrop that crypto whales have intensified their purchases of tokenized precious metals.

Record XAUT Outflows

According to data from the analytical platform Onchain Lens, Abraxas Capital has withdrawn approximately 3,931 XAUT — worth about $15.96 million at the current rate — from four major exchanges. The distribution of outflows is as follows:

  • 760 XAUT ($3.09 million) — from Bitfinex;
  • 940 XAUT ($3.82 million) — from OKX;
  • 230 XAUT ($934,000) — from Bybit;
  • 2,001 XAUT ($8.12 million) — from Binance.

Meanwhile, the service Lookonchain recorded renewed activity from an anonymous whale (wallet 0xD20E), who began accumulating XAUT after a three-year hiatus. Over the past three days, 953 tokens worth approximately $3.93 million were withdrawn from Binance.

Data from the aggregator Nansen confirms the scale of the process. Over the past 24 hours, the net outflow of XAUT from centralized exchanges amounted to $17.4 million — roughly 16 times the daily average. On a weekly basis, the figure is even more impressive: net withdrawals exceeded $34.1 million, four times the average weekly value.

Accumulation or Redistribution?

Mass token withdrawals from exchanges are typically interpreted as a signal for long-term holding. Investors move assets to personal wallets, not planning to sell them in the near future. However, the current picture is not so clear-cut.

Nansen data shows that alongside purchases, there is also significant distribution. One major participant withdrew about 2,900 XAUT ($11.8 million) in a day, while another reduced their balance by 757 tokens over the same period. Moreover, two of the largest tracked wallets (0x77134c and 0x28c6c0) have decreased their positions by more than 5,000 XAUT each over the last 30 days. This slightly weakens the bullish sentiment created by the overall exchange outflow.

Global Context

Interest in tokenized gold is not limited to XAUT alone. We have previously recorded notable net outflows from exchanges for the Paxos Gold (PAXG) stablecoin as well. Demand for such assets is growing everywhere, indicating a structural shift in the strategies of major players.

It is important to understand that Tether Gold is pegged to physical gold, so its dynamics will follow spot prices. Future signals from the US Federal Reserve and foreign policy factors could significantly influence the behavior of large holders in the coming weeks.

My expert opinion: The current surge in XAUT outflows is a classic "smart money" strategy, where whales use the correction to build positions. However, the simultaneous reduction in balances of the largest holders hints at possible profit-taking or capital rotation. Investors should closely monitor spot gold prices: if geopolitical tensions ease, we could see a sharp slowdown in outflows, or even a trend reversal.