Whale Accumulates Nearly $7M in XAUT from Bybit’s Hot Wallet

TLDR

• A whale has accumulated nearly $7M in XAUT through transfers from Bybit’s hot wallet.
• The wallet appears to be set up solely for holding and consolidating tokenized gold.
• Recent transactions include 450 XAUT tokens, each representing one ounce of gold.
• XAUT is gaining demand as investors look for safer assets with on-chain settlement.
• XAUT’s spot volume recently reached $854M, signaling increasing investor interest.

A whale has quietly amassed a nearly $7 million position in tokenized gold, specifically in XAUT, after receiving multiple transfers from Bybit‘s hot wallet. The accumulation pattern shows an intentional strategy rather than a one-off withdrawal. Recent movements, including 450 XAUT tokens, highlight this growing on-chain position.

XAUT Accumulation from Bybit’s Hot Wallet

The whale’s wallet has received consistent transfers of XAUT, with each token representing one ounce of gold. This accumulation pattern signals a methodical strategy to consolidate tokenized gold, rather than a quick exit from exchanges. The wallet, funded only with enough ETH for gas fees, indicates a clear purpose of holding and consolidating assets.

This growing position in XAUT marks a shift towards tokenized gold as a defensive investment. As the cryptocurrency space experiences volatility, demand for assets like XAUT is increasing. The whale’s activity suggests confidence in gold-backed tokens and their role in diversified crypto portfolios.

XAUT’s rise is tied to a broader shift in market sentiment as investors seek safer assets. The token saw a brief premium over spot gold, trading at $5,542.07 while spot gold hovered around $5,537.78. This premium indicates growing interest in the convenience of swapping tokenized gold compared to physical gold.

XAUT’s spot trading volume recently surged, reaching $854 million, the second-highest monthly volume recorded. This increase in volume signals a shift towards tokenized gold as a viable investment vehicle. The demand for XAUT is driven by investors looking for assets that offer both stability and ease of use within the crypto ecosystem.

Rising Leverage Markets Reflect Growing Interest

Leverage markets for XAUT are also gaining traction, further solidifying the token’s role in active trading strategies. Bybit now holds the largest share of XAUT open interest, with $177.9 million in open positions. This trend points to a growing interest in using tokenized gold not just for storage, but also for speculative trading.

Across the entire market, the total open interest in XAUT reached a record $194 million. This development shows that more traders are increasingly using tokenized gold for leveraged positions, creating tighter correlations between spot demand and derivatives pricing.

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