Major holders of digital assets have once again turned their attention to tokenized gold, taking advantage of the correction in the precious metals market. Asset management firm Abraxas Capital has withdrawn millions of dollars in Tether Gold (XAUT) from centralized exchanges, and on-chain analytics data indicates this is just the tip of the iceberg.
Analytics service Onchain Lens recorded a transaction in which Abraxas Capital withdrew approximately 3,931 XAUT (about $15.96 million) from four major trading platforms simultaneously. Specifically, 760.244 XAUT ($3.09 million) left Bitfinex, 940.207 XAUT ($3.82 million) left OKX, 230 XAUT ($934,000) left Bybit, and 2,001 XAUT ($8.12 million) left Binance. This indicates a systematic accumulation of the asset by an institutional player.
At the same time, as noted by Lookonchain, an anonymous whale wallet (0xD20E) has resumed accumulating XAUT after a three-year pause. Over the past three days, 953 XAUT worth approximately $3.93 million were withdrawn from Binance. Such activity from "dormant" addresses is a classic sign of a shift in sentiment among major players.
The overall picture of XAUT flows on exchanges confirms the trend. According to Nansen, the net outflow of tokens from exchanges over the past 24 hours amounted to $17.4 million. This figure is roughly 16 times higher than the daily average. In the longer term, the dynamics are also impressive: over seven days, the net outflow of XAUT exceeded $34.1 million, which is four times the average weekly volume.
Mass withdrawals of tokens from centralized platforms are traditionally interpreted as a signal of accumulation. Investors are moving assets to personal wallets, planning long-term storage rather than selling in the near future. Interest in tokenized gold is growing not only in the XAUT segment — Paxos Gold (PAXG) is showing similar dynamics, with notable net outflows also recorded.
However, not all signals are unequivocally bullish. Nansen data also shows that alongside purchases, there is significant redistribution of assets. One participant withdrew approximately 2,900 XAUT over a day (about $11.8 million), while another reduced their balance by 757 tokens over the same period. 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 selling pressure somewhat weakens the net bullish sentiment formed by the overall outflow from exchanges.
It is worth recalling that Tether Gold is pegged to physical gold, so its dynamics will follow spot prices. Key drivers for major holders in the near future will be signals from the U.S. Federal Reserve and the geopolitical agenda.
Expert Commentary: The observed picture is a classic example of divergence: mass withdrawals from exchanges indicate a long-term bullish view by institutions, while the reduction in balances of individual whales may be related to profit-taking or portfolio rebalancing. However, a 16-fold excess of outflow over the average is not a coincidence, but a clear signal of the formation of a large position. If geopolitical tensions persist, we may see a new wave of demand for "safe-haven" assets, and tokenized gold is one of the main beneficiaries here.