Has Gold Price Topped? Whale Wallets Cash Out $40M in Tether Gold and PAXG

Gold has been one of the strongest trades of the year. But on-chain data suggests some of the biggest players may be walking out the door.

On-chain analytics platform Lookonchain flagged that two whale wallets offloaded roughly $40 million worth of tokenized gold in just 48 hours, and both walked away with significant profit.

Key Whale Trades in Focus

Two wallets – 0x8C08 and 0xdfcA, flagged by Lookonchain as belonging to the same entity – sold 5,250 XAUT at $5,125 and 560 PAXG at $5,173 over the past two days, taking a combined profit of $5.32 million. A third wallet, 0x8844, followed up six hours ago with a sale of 1,934 XAUT at $5,037, adding another $1.74 million to the tally.

That’s roughly $7 million in realized profit pulled from tokenized gold in under 48 hours, from wallets that knew exactly when to get in and aren’t waiting around to find out if the top is in.

Gold’s recent run was fueled in part by safe-haven demand following U.S. and Israeli strikes on Iran – a conflict that has since escalated, sending oil past $100 a barrel and the dollar higher, which is now actually working against gold.

Why the Timing Matters

Gold spot is currently trading at $5,118, down over 1% on the day and sitting well below its 52-week high of $5,595.

What makes this week particularly loaded is Wednesday’s U.S. inflation data.

Headline CPI is expected to rise 0.3% month-on-month, with year-on-year inflation projected at 2.4%. A hotter-than-expected print would likely push yields higher and strengthen the dollar, historically a headwind for both gold and risk assets like crypto.

And there’s reason to watch closely: recent ISM Prices Paid data came in significantly hotter than expected, suggesting input cost pressure may already be building.

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What This Means for Crypto

For the crypto market, on-chain whale behavior around tokenized gold is worth tracking as a macro signal.

When large wallets rotate out of tether gold and PAXG, capital has to go somewhere. Whether that’s back into Bitcoin, stablecoins, stocks, or simply sitting on the sidelines ahead of macro data, the next few days will likely tell that story.

Gold’s reflexive rally was built on real structural drivers. But markets don’t move in straight lines, and $40 million in profit-taking from the same asset class, in the same 48-hour window, is rarely a coincidence.

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