According to on-chain trackers, one address moved $1.53 million in USDC into Hyperliquid to buy XAUT. Reports note that the same wallet had earlier bought about 481 XAUT, a purchase worth roughly $2.38 million.
The address still holds close to $1.44 million in USDC, which suggests more purchases could follow. These moves were picked up on public blockchains and then flagged by analysts watching large transfers.
Whales are buying gold, not crypto.
Reports say gold has been moving sharply higher, with spot prices climbing close to $5,000 per ounce in global trading this week. Silver also rose above $100 per ounce, with intraday gold prints near $4,988 before settling.
Traders tie the surge to geopolitical tensions and the idea that interest rates may ease, which encourages money into metal-based stores of value.
A weaker dollar has also helped. Market chatter points to increased demand as investors seek steadier places to park capital while global politics and policy choices create more worry.
Bitcoin traded around $88,653 at one stage, slipping about 1% on the day and nearly 30% below its prior cycle top. That gap is large. It has market participants questioning whether BTC will stay the go-to hedge during times of high stress. Some long-term holders remain confident. Others are watching liquidity and macro signals more closely.
Reports have disclosed renewed criticism from economist Peter Schiff, who argued that Bitcoin has underperformed versus gold since 2021.
He highlighted the opportunity cost for investors holding BTC while metals climb to record prices. Schiff wrote on social platforms that precious metals are outperforming and that this weak run for Bitcoin weakens its role as a store of value in the eyes of some.
What This Means For Crypto InvestorsShort-term rotations like this often reflect risk preferences rather than permanent shifts. Some funds and wealthy individuals seek lower-volatility assets when headlines grow louder and policy paths look uncertain.
Others still view Bitcoin as a long-term play tied to scarcity and network effects. The current picture is a mix: metals are strong, tokenized gold is drawing attention, and crypto markets are reacting.
Featured image from Pexels, chart from TradingView
