In a universe not entirely unlike ours, crypto whales, those blubbery beasts of the blockchain, are engaging in a frenzied game of tokenized gold accumulation. Yes, it appears that they are not just swimming around aimlessly but have decided to feast on Tether Gold (XAUT) and Paxos Gold (PAXG) like it’s the last buffet at the intergalactic fiesta.
This remarkable surge in large purchases comes as gold has apparently decided to break all records, first obliterating Goldman Sachs’ target, then heading straight toward the lofty heights suggested by Bank of America and Jefferies, as if it were trying to win the “Most Ambitious Metal” award.
Crypto Whales Accumulate Tether Gold as Tokenized Bullion Demand Surges
As we speak, gold is trading at an astonishing $5,585. This price was achieved faster than anyone could say “what’s my wallet address?” after Goldman Sachs and UBS announced their modest $5,400 price target for 2026- which they clearly underestimated by, oh I don’t know, a small country’s GDP.
Currently, our beloved shiny metal is just shy of Morgan Stanley’s $5,700 forecast and strutting its stuff toward the $6,000 and $6,600 predictions by Bank of America and Jefferies, respectively. It’s like watching your friend who always shows up fashionably late finally arrive at the party-except this time, gold is the life of the party!
📊 UPDATED Bank Targets for Gold 💰
🎯$6,000/oz
– Bank of America → Spring 2026 (most bullish)
-Deutsche Bank → End 2026 (+28% 📈)
-Societe Generale → 2026🎯 $5,600-$5,700/oz
– Morgan Stanley → H2 2026
– OCBC → 2026
– Chinese Banking Corp → 2026– Kathy Lien (@kathylienfx) January 28, 2026
Meanwhile, in what can only be described as a classic case of “whale watching,” the blockchain analytics firm Lookonchain has reported several high-value transactions during the final week of January. Apparently, these crypto leviathans are very keen on gold-backed tokens, perhaps as a way to complement their extensive collections of digital cat pictures.
On January 27:
- Wallet 0xbe4C withdrew 1,959 XAUT worth $9.97 million from Bybit and Gate. Quite the shopping spree!
- Wallet 0x0F67 dragged out 559 XAUT ($2.83 million) from MEXC. It seems they’re really into this gold thing.
- Wallet 0x1b7D joined the party with a modest withdrawal of 194.4 XAUT ($993,000) and 106.2 PAXG ($538,000) from MEXC. Every little bit counts, right?
Many whales are accumulating gold!
0xbe4C withdrew 1,959 $XAUT($9.97M) from #Bybit and #Gate.
0x0F67 withdrew 559 $XAUT($2.83M) from #MEXC.
0x1b7D withdrew 194.4 $XAUT($993K) and 106.2 $PAXG($538K) from #MEXC.…
– Lookonchain (@lookonchain) January 27, 2026
The accumulation frenzy continued as gold prices blasted higher like a rocket ship fueled by overpriced lattes.
On January 28:
- Wallet 0x6Afa spent a staggering $5.95 million to snatch up 1,137 PAXG over a mere two-day period. Someone’s been hitting the crypto gym!
- A newly hatched wallet, 0x0E4F, withdrew 800 XAUT worth $4.22 million from Bybit just hours earlier. Quick on the draw, that one!
As gold keeps printing new all-time highs, whales continue buying gold.
0x6Afa spent $5.95M to buy 1,137 $PAXG over the past 2 days.
A newly created wallet 0x0E4F withdrew 800 $XAUT($4.22M) from #Bybit 13 hours ago.
– Lookonchain (@lookonchain) January 28, 2026
- On January 5
- Wallet 0x8c08 splurged $8.49 million to buy 1,948 XAUT at an average price of $4,357. Clearly, they didn’t get the memo about saving for a rainy day.
Recently, BeInCrypto reported a considerable XAUT purchase, featuring among the largest tokenized gold movements in recent months. A single trader on the Bybit exchange deposited 7 million USDT and withdrew 843 XAUT, worth $4.17 million. Talk about a golden opportunity!
This highlights the growing interest in tokenized gold as a hedge against fiat volatility. Because what’s better than a shiny rock to protect you from the whims of economic chaos?
Negative Exchange Flows and Rising Market Cap Signal Long-Term Accumulation
Beyond individual transactions, broader on-chain trends reinforce the accumulation narrative. Data from Arkham Intelligence indicates that exchange flows for Tether Gold have been net negative for the past seven days. This signals persistent withdrawals from centralized platforms- like turtles retreating into their shells whenever the economy sneezes.
This behavior typically suggests that investors are preparing for the long haul, positioning themselves for continued upside or using tokenized gold as a defensive allocation-because who doesn’t want a safety net made of precious metal?
Market data further highlights XAUT’s momentum. According to CoinGecko, Tether Gold’s market capitalization has climbed to a scintillating new all-time high of $2.9 billion. It has been rising steadily throughout the past month before accelerating sharply in the final week of January, as if it were a contestant on a reality show trying to win a cash prize.
This increase reflects both higher gold prices and the growing demand for tokenized exposure to physical bullion. In layman’s terms: Everyone wants a piece of the glittery pie!
The surge in on-chain activity comes as Tether itself expands its footprint in the physical gold market. BeInCrypto reported that more than one ton of gold is transported each week into a high-security vault owned by Tether, located in a former Cold War-era bunker- because nothing says “I’m serious about gold” quite like a secret hideout.
Tether’s shift to a 15% gold allocation, adding to its 140-ton hoard stored in a Swiss nuclear bunker
– Steven Wang (@swangentr) January 28, 2026
The facility is now considered the largest known private gold vault in the world outside of banks and governments. This positions the stablecoin issuer as a significant player in the global bullion industry, like a formidable contestant in a game of Monopoly.
Together, these developments indicate a curious convergence between traditional safe-haven demand and crypto-native capital. Amid macro uncertainty, geopolitical tensions, and expectations around monetary policy, whales seem to be increasingly favoring tokenized gold as a liquid, blockchain-based proxy for physical holdings. Because why not combine the best of both worlds?
With exchange balances falling, market capitalization rising, and large wallets steadily accumulating, XAUT’s recent activity suggests that tokenized gold is emerging as a key bridge between crypto markets and the renewed global gold frenzy- a bridge that, unlike many others, is actually worth crossing.
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2026-01-29 14:57