On February 4th, three major wallets purchased approximately $16 million worth of tokenized gold within hours. On-chain tracker Lookonchain shared the movement in real time. One wallet withdrew 1,500 XAUT worth approximately $7.58 million from OKX.
Whales are buying gold.
0x2788 withdrew 1,500 $XAUT($758M) from #OKX 2 hours ago.
0x4E3c canceled 931.33 $PAXG($4.75 million) 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
The second one drew 931.33. $PAXG Approximately $4.75 million worth from Binance. I also bought a third one, 732.8. $PAXG Approximately $3.74 million. These three actions occurred almost simultaneously. This appears to be a move towards safety as crypto prices fluctuate.
Bitcoin weakness increases risk-off mood
Although Bitcoin traded lower than its recent highs. Prices remained in the mid-$70,000 range after earlier reaching levels near $80,000. This has made many traders cautious. Also, in early 2026, ETF flows were mixed and day-to-day volatile. So Money began to look for shelter.
Meanwhile, gold remained strong as spot prices remained near record levels. This also caused gold-backed tokens to rise. When cryptocurrencies fall and gold rises, traders change hands frequently. Therefore, the purchases of these crypto whales match that pattern. Although they look like hedges, they are not gambles.
Tokenized gold gains new demand
The purchased token is XAUT $PAXG. Tether Gold and Paxos Gold track real gold stored in vaults. In this case, each token is equivalent to one ounce of gold. This allows users to hold gold without leaving the cryptocurrency rails. This led to rapid market growth. The total amount now stands at nearly $3 billion. Right now, $PAXG It occupies a large share of that.
Inflows increased in January as gold hit new highs. As a result, trading volume also increased rapidly. Similar purchases were made in other wallets over the past week. Some days showed more than $30 million flowing into these tokens. This is indicative of a broader movement rather than a one-off.
Why whales choose on-chain gold now
Crypto whales want security, but they still want speed. Tokenized gold provides both. Tie and maintain value to hard assets. However, it remains liquid and easy to move, allowing users to send it at any time, use it in DeFi, or even keep it in their wallets. This outperforms physical gold in speed.
Big picture risks also come into play. Inflation concerns remain. Geopolitics remains tense and central banks are still buying gold. All this supports the metal. For crypto-native funds, tokenized gold feels like the best bridge between old money and new rails.
What does this imply for the market?
This kind of buying suggests caution. Crypto whales appear to be storing their money in assets that hold their value even under stress. That doesn’t mean they leave cryptocurrencies behind forever. This means waiting because once Bitcoin stabilizes, it could bounce back. On the other hand, if this is not the case, more funds may flow into tokenized gold. For now, the message is clear. When risk increases, smart money seeks refuge, and that refuge currently resides on-chain as gold tokens.
