The tokenized gold market is experiencing anomalous activity from large holders. According to blockchain analytics data, the net outflow of Tether Gold (XAUT) from centralized exchanges has exceeded $17.4 million in the last 24 hours. This is approximately 16 times higher than the daily average, clearly indicating the consolidation of the asset in the hands of "whales."
The most notable transaction was carried out by the investment company Abraxas Capital, which withdrew 3,931 XAUT — about $15.96 million — from four major platforms in a single day. 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.
Return of the "Sleeping Whale"
At the same time, analysts recorded the activation of an anonymous wallet (0xD20E), which had shown no activity in XAUT for over three years. Over the past three days, the address withdrew 953 tokens from Binance — worth about $3.93 million. This behavior is typical of strategic accumulation: investors are moving assets to cold storage, with no plans to sell them in the short term.
The seven-day picture confirms the trend: the net outflow of XAUT from exchanges over the week exceeded $34.1 million, four times higher than the average weekly value. Tokenized gold is clearly in demand against the backdrop of a correction in physical precious metal prices: at the beginning of July, quotes were rising, but then declined due to escalating geopolitical tensions between the US and Iran.
Mixed Dynamics
However, not all signals are unequivocally bullish. According to Nansen, amid the overall outflow, there is a significant redistribution of assets among the largest holders. The two largest tracked wallets (0x77134c and 0x28c6c0) have reduced their balances by more than 5,000 XAUT each over the last 30 days. This pressure somewhat weakens the overall bullish sentiment created by the exchange outflows.
Interest in tokenized gold is not limited to XAUT alone. We have previously recorded notable net outflows for Paxos Gold (PAXG) as well, confirming that demand for digital analogs of the precious metal is growing everywhere. Since Tether Gold is pegged to physical gold, its dynamics will follow spot prices. Future signals from the US Federal Reserve and the foreign policy agenda could significantly impact the behavior of large holders in the coming weeks.
Cryptalist Commentary: The current activity of XAUT whales is a classic accumulation pattern during a dip. A 16-fold increase in outflow in a single day indicates high confidence among major players in gold's long-term potential. However, the simultaneous reduction in balances of the two largest holders hints at possible profit-taking or portfolio rebalancing. Keep an eye on macroeconomic triggers — they will be the catalyst for the next move.