On-chain data shows sustained, institutional-scale accumulation of tokenized gold, led by Tether Gold (XAUT). Lookonchain and Coin Bureau flagged large purchases (e.g., wallet 0x8c08 bought 1,948 XAUT for ~$8.49M; six linked wallets bought 3,102 XAUT for ~ $13.7M). Some wallets appear to have pivoted from Bitcoin to gold-backed tokens, holding unrealized BTC losses but small profits on XAUT/PAXG. Analysts say tokenized gold’s physical backing plus on-chain transferability is making it a defensive allocation in digital-asset portfolios.

Summary reports concrete on-chain whale purchases (1,948 XAUT ≈ $8.49M; 3,102 XAUT ≈ $13.7M) and wallet behavior shifting from BTC to gold-backed tokens; those facts support a modestly bullish sentiment and a meaningful but not extreme near-term trading impact.