$XAU Gold Rockets Past $5K as On-Chain Whale Doubles Down on Tokenized Gold

Gold smashed through the $5,000 mark, igniting a wave of risk-on positioning across both traditional and crypto markets. One aggressive on-chain whale seized the momentum — looping fresh leverage to accumulate another 604.65 $XAUT (≈ $3M in USDe) over the last 24 hours.

On-chain traces reveal repeated swaps executed through CoW Protocol, suggesting a loop-borrowing strategy rather than a spot buy. The whale appears to be compounding exposure into tokenized gold as macro uncertainty pushes capital toward harder, non-sovereign assets.

After the latest accumulation, the whale now controls 10,044 $XAUT, worth roughly $50.2M at current prices, sitting on an unrealized profit of around $5.07M.

The move reflects rising conviction in on-chain gold as a scalable store of value — blending traditional commodities with modern crypto rails. But the bigger question remains: is this smart leverage riding a breakout, or a crowded trade building toward peak risk?