According to Lookonchain, two major crypto whales have sold approximately $40 million worth of gold-backed tokens, XAUT and PAXG, over the past two days. The transactions included 5,250 XAUT ($26.91M) and 560 PAXG ($2.9M) by one whale, and 1,934 XAUT ($9.74M) by another, resulting in combined profits of $7.06M. This significant selloff raises questions about whether gold's price has peaked, potentially impacting trading strategies around these tokens.

According to @lookonchain, a mysterious wallet (0x83C0) has bridged 5,263 ETH ($10.4M) through NEAR Intents and converted it into 2,000 XAUT over the past four days. This activity highlights a notable shift from Ethereum (ETH) to gold-backed tokens, with similar transactions reported involving 9,180 ETH swapped for 3,734 PAXG. These movements suggest potential institutional or strategic positioning in gold-backed crypto assets.

According to @lookonchain, major crypto whales are accumulating gold-backed tokens, signaling a potential shift in market sentiment. Newly created wallets, likely controlled by a single whale, withdrew 986 PAXG valued at $5M from Binance. Additionally, wallet 0x5687 spent 2.42M USDT to acquire 478 XAUT tokens, while wallet 0x0AcC, inactive for eight months, purchased 275.2 XAUT for $1.38M and 90 PAXG worth $456K. These movements highlight increased interest in tokenized gold assets amidst potential market uncertainties.

According to Lookonchain, Erik Voorhees, an early Bitcoin supporter and founder of ShapeShift, has made a significant investment in gold-backed cryptocurrency. Voorhees reportedly created nine new wallets and used $6.81 million USDC to purchase 1,382 PAXG tokens, highlighting his strategic shift towards gold as a digital asset.