Crypto whales are accumulating Tether Gold (XAUT) as its outflows surged significantly, coinciding with a decline in spot gold prices. Abraxas Capital, an asset manager, withdrew approximately 3,931 XAUT, valued at around $15.96 million, from four major exchanges this week.
The withdrawals included 760.244 XAUT worth $3.09 million from Bitfinex, 940.207 XAUT for $3.82 million from OKX, 230 XAUT valued at $934,000 from Bybit, and 2,001 XAUT totaling $8.12 million from Binance. This trend is supported by on-chain data indicating that a whale wallet identified as 0xD20E resumed accumulating XAUT after a three-year hiatus, withdrawing 953 XAUT valued at roughly $3.93 million from Binance within three days.
According to Nansen data, XAUT experienced $17.4 million in net exchange outflows over the past 24 hours, approximately 16 times its average daily outflow. Over the last week, XAUT saw net outflows of $34.1 million, more than four times its typical weekly rate. Such sustained withdrawals are generally interpreted as a sign of long-term accumulation, as investors move assets into self-custody rather than for immediate trading.
The trend of accumulation is not exclusive to Tether Gold. Paxos Gold (PAXG) also reported significant net outflows, indicating increasing demand for tokenized gold assets in general. However, the overall outlook is mixed. Nansen data revealed that one holder sold around 2,900 XAUT, worth approximately $11.8 million, in just 24 hours. Another wallet reduced its holdings by 757 XAUT in the same timeframe.
Additionally, two of the largest tracked wallets, 0x77134c and 0x28c6c0, each offloaded over 5,000 XAUT in the past 30 days, which tempers the bullish sentiment surrounding the outflows. Since Tether Gold tracks physical bullion, its price movements are likely influenced by fluctuations in spot gold prices. Future signals from the Federal Reserve and geopolitical events may determine the sustainability of whale buying activity.
