Whales have launched a hunt for gold: XAUT outflows from exchanges have surged 16-fold.
Major players have become active again in the tokenized gold market. Amid the recent correction in spot prices, whales have begun massively withdrawing Tether Gold (XAUT) from centralized exchanges, leading to a record surge in outflows—16 times the daily average.
Analyzing on-chain data, I observe a strong accumulation signal. The management company Abraxas Capital has withdrawn approximately 3,931 XAUT from four major exchanges, equivalent to about $15.96 million.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.
Anonymous whale returns after three-year hibernation
Particularly noteworthy is the wallet of an anonymous whale (0xD20E), which resumed accumulating XAUT after a three-year hiatus. Over the past three days, 953 XAUT worth approximately $3.93 million have been withdrawn from Binance. This is a classic "smart money" behavior pattern: buying on dips followed by transfer to cold storage.
Data from the Nansen platform confirms the scale of the trend. The net outflow of XAUT from exchanges over the past 24 hours amounted to $17.4 million—roughly 16 times the daily average. Looking at the weekly dynamics, the figure exceeds $34.1 million, which is four times the average weekly volume.
Not so clear-cut: large holders take profits
However, the global picture is not without nuances. Despite the accumulation impulse, 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 indicates that some whales are using the current volatility to lock in profits, creating pressure on the bullish scenario.
Tokenized gold, whether XAUT or PAXG, is becoming an increasingly popular tool for hedging risks. However, future dynamics will directly depend on macroeconomic signals, primarily decisions by the U.S. Federal Reserve and the geopolitical situation.
My opinion: The sharp increase in XAUT outflows from exchanges is a classic sign that institutional investors view current prices as an attractive entry point. However, the observed divergence in the behavior of the largest holders indicates that the market remains fragmented. Until a clear macroeconomic trigger emerges, we may see consolidation near current levels.