The Favorite of Whales: Millions of Dollars in Tether Gold Purchases

The stagnation in the cryptocurrency market is causing large investors, known as whales, to turn to alternative assets. Recently, the rise in gold prices has attracted investors' interest in gold-backed stablecoins like Tether Gold (XAUT). Particularly, while Bitcoin (BTC) maintains a sideways movement around the 111 thousand dollar level, whales have been making large purchases of Tether Gold.

According to data provided by on-chain analysis platform Lookonchain, renowned investor casualpig.eth made purchases totaling 4,463 XAUT (approximately 18.7 million dollars) over the past week. This situation highlights the increasing popularity of gold-backed stablecoins. Additionally, another large investor, 0xdfcA, joined this trend today by purchasing 2,879 XAUT (approximately 12.1 million dollars).

Amidst the volatility in crypto assets, investors are turning to gold-backed assets to seek both value preservation and market opportunities. During this period, digital assets like Tether Gold (XAUT) provide investors with a safe haven and the opportunity to trade in the cryptocurrency market. Especially during times of severe geopolitical uncertainty, the shift of investors towards such assets has led to a resurgence in gold demand.

All these developments can be viewed as part of investors' efforts to diversify their portfolios by moving towards assets like Tether Gold. The state of the market and the interest of whales in Tether Gold may influence the trajectory of crypto assets in the coming period. It is crucial for investors to closely follow the rise of gold-backed stablecoins to evaluate potential opportunities.