Gold prices break through $5585, giant whales aggressively buy Tether Gold: Tokenized gold becomes a new safe haven entry point

January 29 News, spot gold prices continue to hit record highs, latest at $5585 per ounce, far exceeding Goldman Sachs and UBS's 2026 target price of $5400, and approaching Morgan Stanley's forecast of $5700, as well as Bank of America and Jefferies' range of $6000–$6600. While gold prices are rising strongly, crypto whales are accelerating their deployment into tokenized gold assets.

On-chain analytics firm Lookonchain disclosed that in late January, multiple large transactions of Tether Gold (XAUT) and Paxos Gold (PAXG) occurred, with single transactions often amounting to several million dollars. In just two days, several new and old wallets collectively purchased over $30 million worth of tokenized gold.

Some of the funds came from stablecoin conversions, indicating that investors are shifting liquidity into blockchain assets anchored to physical gold. This trend is not accidental. Arkham Intelligence data shows that XAUT has experienced continuous net outflows over the past week, meaning tokens are being transferred to private wallets rather than used for short-term trading. Historical experience suggests that such negative flows are often associated with medium- to long-term holding strategies.

Changes in market size also confirm growing demand. Statistics show that the market capitalization of Tether Gold has risen to a record high of approximately $2.9 billion, with accelerated growth in the last week of January. The price strength and supply contraction resonate, reinforcing its appeal as an alternative safe haven asset.

Meanwhile, Tether is expanding its presence in the physical gold sector. Several crypto media reports indicate that the company weekly deposits over one ton of gold into its high-security inventory to support the issuance of XAUT. This move positions Tether increasingly prominently within the global gold industry.

Against the backdrop of macro uncertainties, geopolitical tensions, and fluctuating monetary policy expectations, whale funds are viewing tokenized gold as a bridge connecting traditional safe-haven assets with blockchain liquidity. As gold prices continue to rise, on-chain balances decline, and market cap increases, XAUT and PAXG are becoming some of the few assets in the crypto market that resonate with global commodity trends.