Cryptocurrency "whales" have become active again in the tokenized gold market. While spot prices for the precious metal show volatility, major players are massively withdrawing Tether Gold (XAUT) from centralized exchanges. The management company Abraxas Capital has withdrawn millions of dollars in XAUT, and on-chain analytics data confirms this is not an isolated case.
July 2025 has been a month of mixed dynamics for gold. Prices rose at the beginning of the month but then sharply corrected amid escalating geopolitical tensions between the US and Iran. It was during this downturn that large holders began actively accumulating the asset.
Abraxas Capital and Anonymous Whales Withdraw XAUT
According to data from the analytical service Onchain Lens, the investment company Abraxas Capital has withdrawn approximately 3,931 XAUT (about $15.96 million) from four major trading platforms. The withdrawals 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.
Meanwhile, Lookonchain recorded the resumption of activity from an anonymous whale wallet (0xD20E), which began accumulating XAUT after a three-year hiatus. Over the past three days, 953 XAUT have been withdrawn from Binance, amounting to approximately $3.93 million.
The overall picture of exchange outflows is impressive. According to Nansen, the net outflow of XAUT tokens from centralized platforms over the past 24 hours amounted to $17.4 million. This is roughly 16 times higher than the daily average. The weekly perspective is even more telling: the net outflow over seven days exceeded $34.1 million, which is four times the average weekly value.
Not All Signals Are Unambiguously Bullish
However, the global picture turned out to be more complex. Alongside large-scale purchases, there is also a significant redistribution of assets. One major participant withdrew approximately 2,900 XAUT (about $11.8 million) in a single day, while another reduced their balance by 757 tokens over the same period.
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 pressure from large holders somewhat weakens the bullish sentiment generated by exchange outflows.
Recall that Tether Gold is pegged to physical gold, so its dynamics will correlate with spot prices. Future signals from the US Federal Reserve and foreign policy developments could significantly impact the behavior of the largest XAUT holders.
My analysis: We are witnessing a classic divergence — retail investors and institutions (via Abraxas Capital) are taking tokens off exchanges, preparing for long-term storage, while some old whales are taking profits. This indicates that the tokenized gold market is entering a consolidation phase before a potential new rally, but with increased volatility. Interest in XAUT and PAXG is growing everywhere, confirming the trend toward diversifying crypto portfolios into safe-haven assets.