Major market players have become active again in the tokenized gold segment. This week, we are witnessing an anomalous surge in Tether Gold (XAUT) outflows from centralized exchanges, which is 16 times higher than the average daily figures. This is direct evidence that whales are using the current drawdown for aggressive accumulation.
According to on-chain platform analytics, the management company Abraxas Capital has withdrawn approximately 3,931 XAUT from four major exchanges, equivalent to about $15.96 million. 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. This is not an isolated case — an anonymous wallet (0xD20E) has resumed XAUT accumulation after a three-year hiatus, withdrawing another 953 tokens worth about $3.93 million from Binance over the past three days.
The overall picture of XAUT flows confirms the scale of the trend. Over the past 24 hours, the net outflow of tokens from exchanges amounted to $17.4 million, which is 16 times higher than the average daily value. Looking at the weekly dynamics, the figures are even more impressive: net outflows exceeded $34.1 million, which is four times the average weekly figure. Traditionally, such movements are interpreted as accumulation — investors are transferring assets to personal storage, planning long-term holding.
Mixed Picture Among Whales
However, not all signals are unequivocally bullish. Despite the massive inflow of funds into cold wallets, the two largest tracked addresses (0x77134c and 0x28c6c0) have reduced their balances by more than 5,000 XAUT each over the past 30 days. One participant withdrew about 2,900 XAUT ($11.8 million) in a single day, while another decreased their balance by 757 tokens over the same period. This creates some pressure on the bullish sentiment formed by the overall outflow from exchanges.
Interest in tokenized gold is not limited to XAUT alone. Previously, we recorded similar net outflows for Paxos Gold (PAXG), indicating a systemic increase in demand for this asset class. Tether Gold is pegged to physical gold, so its dynamics will correlate with spot prices. Future signals from the US Federal Reserve and geopolitical tensions will remain key drivers for the behavior of large holders.
Comment from Cryptalist analyst: The current surge in XAUT outflows is a classic accumulation pattern during a drawdown, but I would advise not ignoring the divergent movements among the largest holders. While retail investors see a bullish signal in the overall outflow, whales may be redistributing positions, locking in partial profits. Keep an eye on spot gold prices and macroeconomic data — they will be the trigger for the next significant move.