As the price of gold is on the cusp of breaking its April peak, the market size of crypto tokens backed by the precious metal has already surged to fresh all-time highs.

The overall market capitalization of tokenized gold topped $2.57 billion, CoinGecko data shows, as the two leading offerings, Tether’s XAUT and Paxos’ PAXG tokens, saw sizable inflows recently. Both tokens’s are designed to track the price of gold and are backed by physical bars held in vaults.

XAUT (XAUT), issued by the firm that’s behind the USDT stablecoin, saw a $437 million jump in its supply to a record $1.3 billion, per CoinGecko. Tether’s Treasury minted 129,000 tokens in early August on the Ethereum network, blockchain data by Etherscan shows.

PAXG (PAXG), the gold-backed token of U.S.-based stablecoin firm Paxos, swelled to a record market size of $983 million, DefiLlama data shows. That’s been fueled by $141.5 million net inflows into the token since June.

Gold currently traded at around $3,470, just shy of the April 22 peak hit amidst the tariff tantrum.

The precious metal, which is widely considered as a safe haven asset during times of uncertainty, has been resurging lately, driven by a steepening U.S. Treasury yield curve.

Read more: Gold’s Rally Has a Big Catalyst, and It Could Help Bitcoin Too

Crypto Journalist

Anas Hassan

Crypto Journalist

Anas Hassan

About Author

Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.

Share

Last updated: 

June 16, 2025

Ethereum whales are orchestrating their most aggressive accumulation campaign since 2018, with wallets holding between 1,000 and 10,000 ETH, as they add 818,410 ETH worth approximately $2.5 billion in a single day on June 15, according to data from GlassNode.

This massive influx represents the highest daily inflow for this whale cohort in over six years, pushing their collective holdings to more than 16 million ETH compared to just 11.87 million ETH nearly a year ago.

The accumulation comes as digital asset investment products recorded $1.9 billion in inflows for the ninth consecutive week. Ethereum has captured $583 million of these flows in its strongest weekly performance since February.

Whale Accumulation Meets Strong Institutional Belief

The whale accumulation surge coincides with broader institutional confidence, as spot-based Ether ETFs recently concluded a remarkable 19-day inflow streak that brought in $1.37 billion before experiencing a minor $2.1 million outflow.

Ethereum Name Service witnessed a 313.5% surge in whale transactions, and Ethereum-based lending protocols recorded a 203.8% increase in large-holder activity during recent weeks.

The accumulation pattern extends beyond the largest whale cohort. Blockchain analytics firm Santiment revealed that wallets holding between 1,000 and 100,000 ETH have collectively added 1.49 million ETH, worth approximately $3.79 billion, over the past 30 days.

This sophisticated investor group’s holdings increased by 3.72%, now controlling 41.61 million ETH, or nearly 27% of the total supply.

The sustained accumulation occurs as retail traders have been taking profits, creating a classic wealth transfer from weak to strong hands that typically precedes significant price movements in cryptocurrency markets.

Digital Asset Resilience Defies Global Market Turbulence

The massive Ethereum whale accumulation has occurred against a backdrop of global market uncertainty, with geopolitical tensions from the ongoing Israeli-Iran conflict weighing traditional risk assets.

However, digital assets have demonstrated remarkable resilience. The $1.9 billion weekly inflow marked the ninth consecutive week of positive flows and contributed to a record year-to-date total of $13.2 billion in digital asset investment product inflows.

This performance places digital assets alongside gold as one of the few asset classes attracting capital during periods of geopolitical stress.

Regionally, the United States leads the charge with $1.9 billion in inflows, followed by meaningful contributions from Switzerland ($20.7 million), Germany ($39.2 million), Canada ($12.1 million), among others.

The strength of Ethereum’s positioning becomes even more apparent when considering that its recent $2 billion cumulative inflows represent 14% of total assets under management.

Technical Analysis Reveals Critical Breakout Setup

From a technical perspective, Ethereum’s price action reveals a complex but potentially bullish setup across multiple timeframes. The asset is currently trading at $2,617 while consolidating near critical resistance levels.

The 4-hour chart analysis shows Ethereum trapped within a broad sideways range following its recovery from the $1,400 major low. Multiple Doji candlestick patterns suggest periods of indecision that often precede significant directional moves.

The triangle pattern overlay indicates a consolidation breakout scenario is developing, with the price coiling for what could be a substantial move above the $2,800-2,900 resistance zone.

The daily timeframe provides crucial context for Ethereum’s broader recovery trajectory. It shows successful reclamation of the 50% Fibonacci retracement level at $2,130 and current challenges at the 38.2% retracement level around $2,307.

Key technical levels include first resistance at $2,816 and primary support at $2,092, with the current consolidation just below the critical pivot at $2,407.

The technical structure suggests that sustained whale accumulation could propel Ethereum toward the 0% retracement level around $2,879, representing the previous significant high before the major correction phase.

However, the long-term chart presents a more nuanced picture with what appears to be a rising wedge pattern that has been developing over an extended timeframe.

While rising wedges typically represent bearish reversal structures, Ethereum’s positioning near the wedge apex at $2,607 suggests a critical juncture where a breakout in either direction could result in significant price movement.

The whale accumulation narrative strongly supports a bullish resolution, particularly if Ethereum can achieve a decisive break above the upper wedge boundary around $2,850-2,900 with strong volume.

Looking forward, if whale buying pressure can drive Ethereum above the $2,800 resistance zone, initial targets extend toward $3,000-3,200, with more ambitious projections reaching the $3,500-4,000 region should the rising wedge pattern be invalidated upward.

The key monitoring level remains the $2,570 support, as failure to hold this threshold could invite further downside and potentially delay the anticipated breakout scenario.