Whales Hoard Tether Gold Amid Mixed July Price Action

Crypto whales are accumulating gold again just as spot prices slide. Abraxas Capital pulled millions in Tether Gold (XAUT) off exchanges this week, and on-chain data suggests it is not acting alone.

The whale activity comes as gold posts mixed results in July. Prices climbed early in the month, then slipped as US-Iran tensions escalated.

According to Onchain Lens, Abraxas Capital withdrew approximately 3,931 XAUT, worth around $15.96 million, from four major exchanges: Bitfinex, OKX, Bybit, and Binance.

A whale wallet identified as 0xD20E resumed accumulating XAUT after a three-year hiatus, withdrawing 953 XAUT, valued at roughly $3.93 million, from Binance over the past three days.

Nansen data showed XAUT recorded $17.4 million in net exchange outflows over the past 24 hours, around 16 times its average daily level.