Crypto Whales Accumulate Tether Gold as XAUT Exchange Outflows Surge

Crypto whales are increasing their exposure to tokenized gold despite recent weakness in spot gold prices, with on-chain data showing large withdrawals of Tether Gold (XAUT) from major cryptocurrency exchanges.

Blockchain analytics platform Onchain Lens reported that asset manager Abraxas Capital withdrew about 3,931 XAUT, valued at approximately $15.96 million, from Bitfinex, OKX, Bybit, and Binance. The transactions included 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.

The accumulation trend extends beyond institutional players. According to Lookonchain, a whale wallet identified as 0xD20E resumed buying XAUT after nearly three years of inactivity, withdrawing 953 XAUT worth around $3.93 million from Binance over the past three days.

Exchange flow data from Nansen further highlights growing investor interest in tokenized gold. XAUT recorded net exchange outflows of approximately $17.4 million during the past 24 hours, roughly 16 times its average daily level. Over the last seven days, net outflows reached $34.1 million, more than four times the token’s typical weekly pace.

Large exchange withdrawals are often viewed as a bullish signal because they indicate investors are moving assets into self-custody for longer-term holding rather than preparing to sell. The trend is also visible in Paxos Gold (PAXG), which has experienced similar exchange outflows, pointing to broader demand for blockchain-based gold-backed assets.

However, not every signal supports a bullish outlook. Nansen data shows that one major holder sold approximately 2,900 XAUT, worth about $11.8 million, within 24 hours, while another reduced its holdings by 757 tokens during the same period.

Over the past 30 days, two of the largest tracked wallets, 0x77134c and 0x28c6c0, each reduced their positions by more than 5,000 XAUT, suggesting some investors are taking profits even as others accumulate.

Because Tether Gold is backed by physical gold, its performance closely tracks spot bullion prices. Future price direction will likely depend on upcoming Federal Reserve policy decisions and geopolitical developments, with continued whale accumulation potentially supporting long-term demand for tokenized gold.