According to Onchain Lens, on February 4, gold prices surged past $5,000 again, prompting three major whale addresses to ramp up their positions in gold-backed tokens XAUT and PAXG, with total investments reaching $18.94 million.
Breakdown of Whale Activity
The whale address '0xf56' spent 8.09 million USDC to acquire 1,636.77 XAUT at an average price of $4,943 per token. Another address '0xa92' invested approximately $6 million worth of WBTC and stETH, purchasing 564.27 PAXG and 631.56 XAUT at an average price of $5,020. Meanwhile, '0x09e' allocated 4.85 million USDT to buy 977 XAUT at a price point of $4,961 per token.
- 0xf56: Spent 8.09 million USDC to buy 1,636.77 XAUT
- 0xa92: Invested $6 million in WBTC and stETH, acquiring 564.27 PAXG and 631.56 XAUT
- 0x09e: Used 4.85 million USDT to purchase 977 XAUT
As gold prices continue to rise, demand for crypto assets pegged to the precious metal has surged. XAUT and PAXG, two of the most prominent gold-backed tokens, are increasingly attracting capital from institutional and high-net-worth investors.