According to Lookonchain and BlockBeats, the unnamed investor converted tens of thousands of Solana (SOL) into Tether Gold (XAUT) within seven hours on February 23.
A large-scale trader sold 50,000 Solana (SOL) at an average price of $78.27, totaling roughly $3.91 million. Data from Lookonchain shows that over seven hours on February 23, the whale exchanged 44,805 SOL worth about $3.5 million for 676.27 XAUT, a Tether Gold stablecoin pegged to physical gold, according to BlockBeats. Such conversions from major crypto assets into gold-backed tokens often indicate a shift to risk-off positioning amid market uncertainty.