Does this $3.9 million purchase mark the dawn of the XAUT whale era?

Source: Yellow Original Title: Does this $3.9 million purchase signal the dawn of the XAUT whale era?

Original Link: Precious metals have long been the preferred safe haven for large investors during market uncertainty, and now tokenized gold is attracting whale-sized bets.

A whale wallet deposited $1.53 million in USDC on Hyperliquid to buy XAUT, a tokenized gold asset, while Bitcoin fell 1% and precious metals hit all-time highs, with gold trading near $5,000 per ounce.

What happened: a whale buys tokenized gold

On-chain analysis firm Lookonchain pointed out large transfers on January 23 showing wallet address 0x6B99 moving funds to the decentralized exchange. The same address had already accumulated 481.6 XAUT worth approximately $2.38 million.

The wallet still holds about $1.44 million in USDC, suggesting additional purchases could occur.

Spot gold prices approached $5,000 per ounce in global trading this week, while silver rose above $100 per ounce. Traders attributed the increase to geopolitical tensions and expectations that interest rates might ease.

BTC was trading around $88,653, roughly 1% lower for the day and nearly 30% below its previous cycle high.

Why it matters: changing risk appetite

Economist Peter Schiff renewed his criticism of Bitcoin, arguing that the cryptocurrency has underperformed gold since 2021. He wrote on social platforms that precious metals are outperforming and that this weak period undermines BTC’s role as a store of value.

When large holders rotate capital into traditional hedges, small traders often adjust their positions accordingly. The current movement 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 tension.