We have recently observed a massive spike in the Whale Transaction Percentage (Whale TX PCT) for the leading gold-backed tokens, Tether Gold (XAUT) and PAX Gold (PAXG). Data shows that in late April 2026, whale activity reached 9.34% for XAUT and 4.28% for PAXG, marking the highest level of large-holder dominance since November 2025.

Crucially, this surge in on-chain activity coincides with a sharp correction in the global gold price. After peaking at approximately $5,600 earlier in 2026, gold has recently dropped to the $4,500–$4,800 range.

This divergence—falling gold prices paired with sharply rising whale transfers in digitized gold assets—suggests strategic repositioning by large entities. Whales are likely viewing this macro correction as a prime accumulation opportunity, actively “buying the dip” in gold-backed crypto assets to hedge their portfolios.

Written by CryptoOnchain