Whales Resume Buying Gold Tokens as Abraxas Withdraws $15.97 Million in XAUT
Summary
- Whale investors have resumed accumulating Tether Gold (XAUT) as gold prices continue to rise.
- Abraxas Capital withdrew 3,931 XAUT worth about $15.97 million from an exchange, while another whale wallet withdrew 953 XAUT worth about $3.93 million.
- Rising geopolitical tensions in the Middle East are boosting demand for safe-haven assets, increasing interest from institutions and whale investors in gold and gold-linked assets.
Forecast Trend Report by Period
Whale investors are resuming purchases of Tether Gold (XAUT) as bullion prices extend their gains.
Lookonchain said on July 8 that crypto investment firm Abraxas Capital withdrew 3,931 XAUT, worth about $15.97 million, from an exchange about 12 hours earlier.
Another whale wallet, identified as 0xD20E, also resumed accumulating Tether Gold after about three years. The wallet withdrew 953 XAUT, worth about $3.93 million, from Binance over the past three days.
Tether Gold is a gold-backed token issued by Tether. Each token is designed to represent ownership of one troy ounce of physical gold.
The market sees growing interest from institutions and whale investors in gold and gold-linked assets as rising geopolitical tensions in the Middle East bolster demand for safe-haven assets.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.