A major cryptocurrency wallet that recently realized a steep loss on Ethereum has shifted its strategy, reducing exposure to volatile tokens and increasing holdings in stablecoins and tokenized gold, according to on-chain data.
Between November 3 and November 7, 2025, the address spent roughly $110 million to acquire 31,005 ETH at an average price of about $3,581. As the market moved lower, the position was largely exited for around $92.19 million, locking in a loss of close to $18 million in less than two weeks.
At recent prices near $3,020, that same Ethereum position would be worth approximately $93.6 million, slightly more than the realized exit value but still below the initial outlay.
From Ethereum Bet to Capital Preservation
Blockchain monitoring platforms report that the sell-off marked a clear shift in behavior. The wallet, previously heavily concentrated in Ethereum, no longer holds a large directional position in the asset. Instead, funds have been redistributed into stablecoins and tokenized commodities, signaling a tilt toward capital preservation rather than aggressive risk-taking.
Building a Position in Tokenized Gold
On-chain records show the address has been accumulating Tethers tokenized gold product, XAUT. Starting on a recent Friday, the wallet used $14.58 million in USDT to purchase 3,299 XAUT across several transactions, at an average price near $4,421 per token.
This was not the first move into gold. A smaller XAUT purchase was recorded on December 13, around three weeks earlier. In total, the wallet now holds 3,386 XAUT tokens valued at about $14.92 million.
The broader portfolio currently stands at close to $91 million, with the following approximate breakdown:
- About $58 million in USDT
- Roughly $18 million in USDC
- Nearly $15 million in XAUT
- A smaller remaining balance in Ethereum
The allocation underscores a preference for stable, cash-like assets and gold exposure over high-volatility crypto positions.
Metals Outshine Major Cryptocurrencies in 2025
Recent performance trends help explain the reallocation. Disclosed figures indicate that in 2025 Bitcoin declined around 6%, while Ethereum fell about 11%. Over the same period, gold gained more than 60%, and silver surged approximately 147%.
Key equity benchmarks, including the S&P 500, Dow Jones, and Nasdaq 100, also delivered stronger returns than many leading cryptocurrencies. Against that backdrop, some market participants appear more comfortable parking capital in metals-linked products or stablecoins.
Looking ahead, analysts at asset manager VanEck have suggested 2026 could bring a recovery for digital assets, highlighting a more optimistic outlook for the crypto market. That view contrasts with the current on-chain behavior of some large wallets, which are moving into stablecoins and gold-backed tokens instead of adding to crypto risk.
The divergence underscores how mixed sentiment remains after a year in which traditional assets and precious metals substantially outperformed major cryptocurrencies.