A major crypto wallet that recently suffered a sharp loss on Ethereum has restructured its holdings, moving away from volatile tokens and increasing exposure to stablecoins and tokenized tokens. goldaccording to tracking data in the chain.
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The address attracted attention after an aggressive attack Ethereum purchase at the end of last year went wrong. Between November 3 and November 7, 2025, the wallet spent approximately $110 million to acquire 31,005 ETH at an average price of $3,581.
As prices fell, the position was unwound. Nearly the entire company was sold for approximately $92.19 million, posting a loss of nearly $18 million within two weeks. At current prices of nearly $3,020, that same Ethereum stack would now be valued at around $93.6 million.
Switch away from ether after a costly exit
Based on reports from blockchain monitoring platforms, the sell-off marked a clear change in behavior. The wallet, once strongly tied to Ethereum, no longer has a major directional bet on the asset. Instead, the balances are divided between cash-like tokens and commodities. This move reflects caution rather than an attempt to quickly recover losses.
An unknown whale, who lost $18.8 million $ETH in just 2 weeks, has left $ETH and turned #gold.
The Whale spent $14.58 million to buy 3,299 $XAUT at $4,421 in the last 7 hours.https://t.co/hit6agWmHd pic.twitter.com/X7k94zV0iQ
— Lookonchain (@lookonchain) January 2, 2026
Buying gold shows a preference for lower volatility
According to data from the chain, the address began building a position in Tether’s tokenized gold product, XAUT. As of Friday, the wallet spent $14.58 million in USDT to purchase 3,299 XAUT through various transactions.
The average purchase price was almost $4,421 per token. This was not the first gold purchase. A smaller XAUT takeover took place on December 13, about three weeks earlier. According to the latest data, the wallet contains 3,386 XAUT tokens worth approximately $14.92 million.
The broader portfolio now stands at almost $91 million. About $58 million is in USDT, another $18 million in USDC, while the rest is split between XAUT and a reduced Ethereum balance. The composition points to capital protection rather than high-risk positioning.
Metals outperform crypto in 2025
Last year’s returns help explain the change. Reports have shown that Bitcoin fell 6% in 2025, while Ethereum fell 11%. Over the same period, gold rose more than 60%, and silver rose an even steeper 147%.
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Major stock indices such as the S&P500Dow Jones and Nasdaq 100 also posted stronger performances than much of the crypto market. With these results in mind, some investors appear to be more comfortable holding assets related to metals or cash.
Meanwhile, analysts at asset manager VanEck have pointed to 2026 as a possible recovery year for the crypto market. Their view contrasts with the current behavior of major wallets moving to stablecoins and gold-pegged tokens.
The gap shows how uncertain sentiment remains after a year in which metals and traditional assets delivered stronger gains than major cryptocurrencies.
Featured image from Unsplash, chart from TradingView