Three Whale Addresses Acquire 2,697 Gold Tokens in Past 3 Days

Three whale addresses have acquired a total of 2,697.82 gold-backed tokens in the past three days, according to on-chain monitoring tools. The tokens include PAXG and XAUT, which are backed by physical gold. Whale address 0x6af bought 1,253.35 PAXG, valued at $6.59 million, while another whale address acquired $4 million in XAUT.

The activity comes as tokenized gold continues to attract institutional and large-scale investors. Tether, one of the largest stablecoin issuers, has also been accumulating gold, now holding 140 tons of bullion in a Swiss vault. The company plans to actively trade its gold reserves to capture arbitrage opportunities.

Gold's price has surged to levels not seen in decades, with spot prices reaching near $5,234 per troy ounce. This has driven both physical and tokenized gold purchases, as investors seek a hedge against fiat currency devaluation and macroeconomic uncertainty.

Why the Move Happened

Whales are increasingly shifting to gold as a diversification strategy amid Bitcoin's recent sideways movement. On-chain data shows that Bitcoin inflows to accumulation addresses have slowed, while tokenized gold withdrawals have increased significantly. For example, one wallet withdrew $9.97 million in XAUT from Bybit and Gate exchanges.

The shift is also being driven by macroeconomic factors. Gold has outperformed Bitcoin since 2021, with some analysts suggesting it is now seen as a more reliable store of value in uncertain markets. Additionally, geopolitical tensions and the possibility of interest rate cuts have contributed to gold's appeal.

How Markets Responded

Bitcoin's price has shown little movement since the beginning of the year, trading around $88,125. This has led to outflows from Bitcoin ETFs and crypto ETPs, with global outflows hitting $1.8 billion last week. At the same time, tokenized gold's market capitalization has grown significantly, with Tether Gold (XAUT) holding over 50% of the gold-backed token market.

Market watchers have noted that gold's recent performance has reinforced its role as a safe-haven asset. The metal has gained about 18% year to date and 64% in 2025, driven by central bank demand and safe-haven buying.

What Analysts Are Watching

Analysts are closely watching how Bitcoin responds to the current outflows. The market has seen an average bear cycle of 14 months for Bitcoin and gold, and the current period has reached that threshold. If outflows reverse and inflows begin, Bitcoin could see renewed demand.

At the same time, tokenized gold's role in the crypto ecosystem is being normalized. Tether's gold reserves are now considered a key part of its balance sheet, and the firm is using profits from USDT to reinvest in gold and equities. This trend could continue as more stablecoins and DeFi platforms integrate gold-backed assets.

Crypto investors are also watching for signs of policy shifts in the U.S. and other major economies. Gold's rise as a reserve asset could signal a broader shift away from the dollar and toward alternatives. This could impact how crypto assets are viewed in the context of global monetary systems.