Whale Watch: Gold Tokens Gain Sudden Attention
New blockchain data reveals major whale activity around gold-backed tokens on February 4, with significant accumulation happening within a 4-hour window.
A notable transaction showed one whale address withdrawing 1,500 XAUT tokens from OKX two hours ago, representing approximately $7.58 million. XAUT, an Ethereum-based gold token, is backed by LBMA-certified gold reserves.
Looking further back, another whale address pulled 931.33 PAXG tokens from Binance four hours ago, equivalent to $4.75 million. PAXG has gained popularity among institutional investors for its transparent gold backing stored in London vaults.
- The most recent purchase saw a whale acquiring 732.8 PAXG tokens just one hour ago for $3.74 million
- Combined transactions totaled $16.07 million, indicating sustained institutional interest in blockchain-based gold assets
- Significantly, these whale movements show correlation with gold price fluctuations
This substantial on-chain activity highlights the growing convergence between crypto markets and traditional financial assets. Gold tokens are emerging as strategic instruments for institutional portfolios due to their unique combination of digital convenience and precious metal stability.