According to on-chain data, Whale Wallet netted $7 million in tokenized gold profits within 48 hours.
The same Iran conflict that caused gold to soar is now fueling oil and the dollar.
Gold’s next move could also set the tone for cryptocurrencies as US inflation data declines this week.
Gold has been one of the best-performing trades this year. However, on-chain data suggests that some major players may exit.
On-chain analytics platform Lookonchain reported that two whale wallets were roughly offloaded $40 million worth of tokenized gold In just 48 hours, both companies made a huge profit.
Major whale transactions to watch
Two wallets flagged by Lookonchain as belonging to the same entity – 0x8C08 and 0xdfcA – were sold for 5,250 XAUT at $5,125 and $560. $PAXG 5,173 in the last two days, for a total profit of $5.32 million. A third wallet, 0x8844, sold 1,934 XAUT for $5,037 six hours ago and added another $1.74 million.
This equates to approximately $7 million in realized profits withdrawn from tokenized gold within 48 hours from wallets that knew exactly when it would come in and did not wait to see if the top was in.
#Have you already surpassed gold?
I noticed that in the past 2 days, 2 whales have profited and sold about $40 million worth of #gold.
0x8C08 and 0xdfcA (belonging to the same whale) sold 5,250 $XAUT($26.91M) for $5,125 and $560 $PAXG ($2.9 million) turned into $5,173 in the last two days, making a profit… pic.twitter.com/wLmDgtvzMf
— Lookonchain (@lookonchain) March 9, 2026
The recent rise in gold prices was driven in part by demand for safe-haven assets after the US and Israeli attacks on Iran, but the conflict has since escalated, oil prices have exceeded $100 a barrel, the dollar has strengthened, and is now actually working against gold.
Why timing is important
Gold Spot is currently trading at the following prices: $5,118down more than 1% on the day and well below its 52-week high of $5,595.
Wednesday is especially busy this week. US inflation data.
Headline CPI is expected to rise 0.3% month-on-month, with year-on-year inflation expected to be 2.4%. Higher-than-expected printing is likely to push yields higher and strengthen the dollar, which has historically been a headwind for both gold and risk assets such as cryptocurrencies.
And there’s reason to watch closely. Recent ISM pay price data has been well above expectations, suggesting that input cost pressures may already be building.
Also read: ‘War is profitable’: Will the US-Israel-Iran war cause silver prices to rise?
What this means for cryptocurrencies
In the case of the cryptocurrency market, on-chain whale behavior around tokenized gold is worth tracking as a macro signal.
When the big wallet rotates, tether gold and $PAXGcapital has to go somewhere. Whether it’s back to Bitcoin, stablecoins, stocks, or just sitting on the sidelines in the face of macro data, we’ll find out in the coming days.
Gold’s reflexive rally was built on real structural factors. But markets don’t move in a straight line, and $40 million in profit taking from the same asset class in the same 48-hour time frame is hardly a coincidence.
Read next: Has the Transparency Act been passed? Not yet, but banks are already buying these 8 altcoins
