Three large wallets bought about $16 million worth of tokenized gold within a few hours on February 4. On-chain tracker Lookonchain shared the moves in real time. One wallet withdrew 1,500 XAUT worth about $7.58 million from OKX.
Whales are buying gold.
0x2788 withdrew 1,500 $XAUT($7.58M) from #OKX 2 hours ago.
0x4E3c withdrew 931.33 $PAXG($4.75M) from #Binance 4 hours ago.
0xDea3 bought 732.8 $PAXG($3.74M) 1 hour ago.https://t.co/qJ6krFEk9ohttps://t.co/vG4ilPIR9jhttps://t.co/wDzfNwjYh5 pic.twitter.com/2wtRXkC9x8
— Lookonchain (@lookonchain) February 4, 2026
Second one pulled 931.33 $PAXG worth around $4.75 million from Binance. Additionally, the third one bought 732.8 $PAXG for around $3.74 million. These three actions happened close together. Which looks like a shift toward safety while crypto prices swing.
Bitcoin Weakness Pushes Risk-Off Mood
Although Bitcoin traded lower than recent highs. Prices stayed in the mid $70K range after touching levels near $80K earlier. Due to this many traders turned careful. Also, early 2026 saw mixed ETF flows and more day-to-day swings. So, money started to look for shelter.
Meanwhile, gold stayed strong while spot prices held near record levels. This made gold backed tokens rise too. When crypto drops and gold climbs, traders often rotate. As such, these crypto whale buys match that pattern. They look like a hedge yet not a gamble.
Tokenized Gold Gains Fresh Demand
The tokens bought were XAUT and $PAXG. Tether Gold and Paxos Gold track real gold held in vaults. In this, each token equals one fine ounce of gold. Which lets users hold gold without leaving crypto rails. This led to grow market fast. The total value now stands near $3 billion. Right now, $PAXG makes up a large share of that.
In January, inflows rise as gold hit new highs. With that, trading volume also jumped. Over the past week other wallets made similar buys. Some days showed over $30 million moving into these tokens. Which points to a wider move, not a one-off.
Why Whales Pick On-Chain Gold Now
Crypto whales want safety but still want speed. Tokenized gold offers both. It keeps value tied to a hard asset. But it stays liquid and easy to move and users can send it anytime also they can use it in DeFi or hold it in wallets. Which beats physical gold in speed.
Big picture risks also play a role. Inflation worries stay. While geopolitics stay tense and central banks are still buy gold. All of this supports the metal. For the crypto native funds, tokenized gold feels like the best bridge between old money and new rails.
What This Signals for Markets
These buys suggest caution. Crypto whales seem to park funds in assets that hold value during stress. It doesn’t mean they left crypto for good. It means they wait, if Bitcoin stabilizes, they may rotate back. On the other hand, if not then more money could flow into tokenized gold. For now, the message is clear. When risk rises, smart money looks for shelter and today, that shelter sits on-chain in gold tokens.
