This week, a huge investor moved funds into tokenized gold and Bitcoin he felt the impact. Prices fell while the whale quietly bought millions in XAUT, a gold-backed token, signaling a short-term move towards time-honored hedges.

Whales move to tokenized gold

According to online trackers, one address transferred $1.53 million in USDC to Hyperliquid to purchase XAUT. Reports show that the same wallet had previously purchased approximately 481 XAUT, representing a purchase worth approximately $2.38 million.

The address is still trading close to $1.44 million in USDC, suggesting more purchases could be on the way. These movements were detected on public blockchains and then flagged by analysts monitoring huge transfers.

This kind of action can make a difference. When gigantic players mix cash, smaller investors often take notice and hedge their bets. This change is not evidence of a long-term trend, but it does show that some huge holders are in favor, at least for now gold exposure to additional cryptographic risk.

Whales buy gold, not cryptocurrencies.

~30 minutes ago whale 0x6B99 deposited 1.53M $USDC to Hyperliquid to buy $XAUT Again.

He has already bought 481.6 $XAUT($2.38 million) and still holds 1.44 million $USDCwhich you can operate to buy more $XAUT.https://t.co/0uV2kNEiD0 pic.twitter.com/rYA09b1OEn

— Lookonchain (@lookonchain) January 23, 2026

Gold and silver have reached fresh highs

Reports say the price of gold is soaring, with spot prices in global trade rising to nearly $5,000 an ounce this week. Silver also rose above $100 an ounce, and daily gold rates reached near $4,988 before stabilizing.

Traders attribute the escalate to geopolitical tensions and think interest rates could be lowered, encouraging money to allocate valuable metals-based stores.

A weaker dollar also helped. Market chatter points to increased demand as investors look for stable places to allocate capital, while global politics and political elections raise more concerns.

Bitcoin price action and market sentiment

Bitcoin traded at around $88,653 at one stage, falling about 1% on the day and almost 30% below the previous cycle’s peak. This gap is huge. This makes market participants question whether BTC will remain the main security in times of great stress. Some long-term holders remain confident. Others look more closely at liquidity and macro signals.

Reports revealed renewed criticism from economist Peter Schiff, who argued that Bitcoin has been underperforming compared to gold since 2021.

He highlighted the opportunity cost for investors holding BTC as the metal surges to record prices. Schiff wrote on social media platforms that precious metals are outperforming and that Bitcoin’s needy run is undermining its role as a store of value in the eyes of some.

What does this mean for cryptocurrency investors

These types of short-term rotations often reflect risk preferences rather than lasting changes. Some funds and wealthy individuals are looking for less volatile assets as the headlines grow louder and policy paths seem uncertain.

Others still see Bitcoin as a long-term play of scarcity and network effects. The current picture is mixed: metals are forceful, tokenized gold is attracting attention, and cryptocurrency markets are reacting.

Featured image from Pexels, chart from TradingView