Whale Reverses Course: Sells XAUT + SLVON at Gold Peak, Buys $2.4M Ethereum

Gold prices surged to a fresh all-time high as global uncertainty increased. Trade war fears and macro pressure pushed investors toward safe assets. Spot gold crossed the $4,689 per ounce mark. This move confirmed strong demand for traditional stores of value. Precious metals benefited from rising geopolitical stress. The rally placed gold at the center of market attention.

Gold just hit a new all-time high!

Whale 0x4b6c swapped 326 $XAUT($1.53M) and 10,978 $SLVON($936K) for 724 $ETH($2.4M) over the past 30 minutes.https://t.co/toTK1zZmTj pic.twitter.com/Mfq998LJQ2

— Lookonchain (@lookonchain) January 20, 2026

Whale Makes a Rapid Asset Rotation

Amid this rally, a large on-chain whale made a notable move. The wallet identified as 0x4b6c acted within a short time window. It swapped 326 XAUT worth about $1.53 million. It also sold 10,978 SLVON valued near $936,000. These trades happened within 30 minutes. The timing stood out given gold’s record price.

The whale used the proceeds to buy Ethereum. In total, 724 ETH were acquired. The value of the purchase stood close to $2.4 million. The swap included intermediate steps through liquid assets. The goal was clear and direct. The wallet fully rotated from metals to crypto. Ethereum became the sole major holding after the trade.

On-Chain Data Shows Clean Execution

Transaction data shows a smooth execution path. The swaps moved quickly without visible delays. There were no large leftovers in other assets. The wallet now holds only small balances. This suggests a deliberate exit rather than rebalancing. The whale did not hedge or diversify after the move. The decision appeared firm and final.

Tokenized gold and silver mirror real-world metals. Selling them during an all-time high often signals profit-taking. However, the choice to move into Ethereum is important. It suggests a belief in crypto’s upside. Some investors now see ETH as digital value storage. This shift reflects changing views in uncertain times. Crypto is no longer just a risk asset.

Market Context Supports the Rotation

Ethereum remains one of the most liquid crypto assets. It offers staking yields and strong network usage. At the same time, metals face slower upside after record highs. Some investors prefer assets with growth potential. ETH fits that profile better in bullish cycles. The whale’s move aligns with this thinking. It reflects confidence in crypto during volatility.

Whale actions often influence market sentiment. Large rotations are closely watched by traders. Moving from metals to ETH during peak gold prices is symbolic. It may hint at expectations of crypto strength ahead. While one wallet does not define a trend, it adds context. Investors will watch if similar rotations follow. For now, the move highlights a clear shift in conviction.