On-chain data reveals a significant movement in the gold-backed token market. Arkham blockchain analytics detected that 550 XAUt tokens, valued at approximately $2.7265 million, were relocated from Tether's reserves to Abraxas Capital Management—the fund operator of Heka Funds—during early morning trading hours.

This inbound transfer to Abraxas highlights institutional activity in tokenized precious metals, reflecting growing interest from capital management firms in diversifying their digital asset holdings. XAUt, a Tether-issued token representing physical gold, continues to attract institutional investors seeking exposure to gold through blockchain infrastructure. The transaction underscores Abraxas's active participation in the emerging digital gold market.