Precious metals have long been the preferred safe haven for major investors during market uncertainty, and now tokenized gold is drawing whale-sized bets.
A whale wallet deposited $1.53 million in USDC (USDC) into Hyperliquid to purchase XAUT (XAUT), a tokenized gold asset, as Bitcoin (BTC) slipped 1% and precious metals reached record highs with gold trading near $5,000 per ounce.
What Happened: Whale Buys Tokenized Gold
On-chain analytics firm Lookonchain flagged large transfers on Jan. 23 showing wallet address 0x6B99 moving funds into the decentralized exchange. The same address had already accumulated 481.6 XAUT worth approximately $2.38 million.
The wallet still holds roughly $1.44 million in USDC, suggesting additional purchases may follow.
Gold spot prices climbed close to $5,000 per ounce in global trading this week while silver rose above $100 per ounce. Traders attributed the surge to geopolitical tensions and expectations that interest rates may ease.
BTC traded around $88,653, down about 1% on the day and nearly 30% below its prior cycle high.
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Why It Matters: Risk Appetite Shifting
Economist Peter Schiff renewed his criticism of Bitcoin, arguing the cryptocurrency has underperformed gold since 2021. He wrote on social platforms that precious metals are outperforming and that this weak run undermines BTC's role as a store of value.
When large holders rotate capital into traditional hedges, smaller traders often adjust their positions accordingly. The current move reflects short-term risk preferences rather than a permanent shift, though it raises questions about Bitcoin's status as a safe haven during periods of market stress.
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