Whale activity suggests a risk-off shift in crypto as liquidity moves away from Bitcoin into a gold-backed token. One wallet converted USDC $1.53 million into HyperLiquid to purchase XAUT, and previously added 481.6 XAUT worth about $2.38 million. The same wallet currently holds roughly USDC $1.44 million, leaving room to further increase gold exposure. This capital movement aligns with a metals rally, as gold rose to $4,967 per ounce and silver climbed to $99.24 per ounce.
The move reflects a broader macro signal: traditional safe havens are drawing capital at the expense of risk assets like crypto. Bitcoin has struggled to regain momentum in this environment, maintaining a sizable gap versus its prior cycle highs. On-chain data also shows large holders favoring lower-volatility hedges, while investors monitor macro developments for guidance.
Economist Peter Schiff renewed his critique of Bitcoin, arguing that gold’s rally underscores BTC’s lag and questioning the digital gold narrative. He noted that BTC has fallen more than 50% against gold since November 2021, suggesting the storytelling around digital gold is losing traction. Investors will watch whether this shift toward gold-backed assets persists as market conditions evolve.
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