Gold has made a new all-time high on October 15, following previously achieved, subsequent record highs this week on October 13 and 14. As the leading commodity rallies, some crypto whales were seen stacking millions of dollars worth of XAUt, Tether’s tokenized gold.
In particular, Lookonchain spotted two whales who, together, bought more than $30 million worth of XAUt over the past week. The most recent purchase happened on this date, with Whale 0xdfcA acquiring 2,879 XAUt, valued at $12.1 million by the posting time.
Before that, casualpig.eth bought 4,463 of the tokenized gold, worth $18.7 million according to Lookonchain.
XAUt is the second-largest gold-pegged stablecoin by market capitalization, with a $1 billion market cap at the time of this writing, losing only to PAX Gold , with a market value of $1.30 billion. These tokens allow traders and investors to get self-custody, permissionless, and portable exposure to gold without having to store actual gold bars or buy centralized contracts on TradFi.
CFDs on gold are currently trading at $4,196 per ounce, according to TradingView’s index. Earlier on October 15, the contracts reached a new all-time high at $4,218, following two previous, subsequent record highs of $4,117 and $4,179 on October 13 and 14, respectively.
Seven days ago, the precious metal made a record high past the $4,000 psychological resistance on October 8. Gold consolidated on this level on October 9, just to retrace before the week closed on October 11.
Gold is the leading commodity and the world’s most valuable asset, with a $29.27 trillion market capitalization. For a comparison, Nvidia has the world’s second-largest market cap, currently below $4.5 trillion. Silver is the second-largest commodity, with less than $3 trillion, based on data from CompaniesMarketCap.
Bitcoin , the leading cryptocurrency, has a $2.21 trillion market cap, trading at $111,132, as cryptocurrencies recently experienced an unprecedented crash with more than $19 billion in liquidations. This historical event could have made investors rotate part of their capital to gold, getting exposure via tokenized solutions like the one offered by Tether.
Read original story Crypto Whales Buy $30M of Tokenized Gold Amid New All-Time Highs by Vini Barbosa at Coinspeaker.com
