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High-Frequency Trader
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Something more ruthless than war has arrived! U.S. bond yields have suddenly surged, and the Fed is cornered, everyone is betting on one thing...
Iran is still making harsh statements, but what truly keeps Wall Street awake is not the missiles, but a piece of paper — U.S. Treasury bonds. Over the past 27 days, it has skyrocketed.
Everyone is still watching whether there will be a conflict in the Strait of Hormuz, but the real 'game changer' has quietly switched tracks.
In less than a month, the yield on U.S. 10-year Treasury bonds soared by 50 basis points, reaching 4.42%. What does this mean? Simply put, the 'pricing anchor' for global assets is skyrocketing. Previously, the market was happily discussing 'when will the Fed cut rates'; now the mood has changed — people are starting to talk about rate hikes.
Everyone is still watching whether there will be a conflict in the Strait of Hormuz, but the real 'game changer' has quietly switched tracks.
In less than a month, the yield on U.S. 10-year Treasury bonds soared by 50 basis points, reaching 4.42%. What does this mean? Simply put, the 'pricing anchor' for global assets is skyrocketing. Previously, the market was happily discussing 'when will the Fed cut rates'; now the mood has changed — people are starting to talk about rate hikes.
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Major earthquake in the crypto world! $18 billion in black gold has been wiped out, with a new track hidden behind it
Last night the crypto world exploded again — the U.S. government confiscated $2.4 billion worth of Bitcoin from a Cambodian fraud group, bringing the total to nearly $18 billion with the previous seizure. This isn't law enforcement; it's like driving a truck straight to the vault to haul away cash.
Many people thought Bitcoin could be perfectly used for money laundering, but that illusion has been completely shattered. The U.S. Department of Justice has essentially installed GPS on the blockchain, making the flow of funds crystal clear. They first lock onto wallet clusters, then obtain private keys through international cooperation, and finally, with a court order, they make the exchanges comply obediently.
Many people thought Bitcoin could be perfectly used for money laundering, but that illusion has been completely shattered. The U.S. Department of Justice has essentially installed GPS on the blockchain, making the flow of funds crystal clear. They first lock onto wallet clusters, then obtain private keys through international cooperation, and finally, with a court order, they make the exchanges comply obediently.
April is the real altcoin season! Is the big player I've been watching for 3 months finally going to move?
Stop staring blankly at the market! Some coins have already been secretly accumulated by the big players for a whole quarter.
I've noticed an interesting phenomenon while watching the market—many altcoins have been grinding sideways at the bottom recently, and the daily divergence is almost breaking through. They frequently spike up and down, scaring retail investors quite a bit. But have you thought about it? Isn't this a typical 'accumulation tactic'? If the big players can't get cheap chips, how could they possibly rally the market?
Take a look at a few targets I've been watching recently, ON, XNY, ENJ; their trends are remarkably similar: hovering at the bottom for months, with buyers stepping in every time it dips, quickly pulling back after a spike. This 'door painting' action is clearly aimed at forcing people out. If you get scared off by a few spikes, you've fallen right into the trap.
I've noticed an interesting phenomenon while watching the market—many altcoins have been grinding sideways at the bottom recently, and the daily divergence is almost breaking through. They frequently spike up and down, scaring retail investors quite a bit. But have you thought about it? Isn't this a typical 'accumulation tactic'? If the big players can't get cheap chips, how could they possibly rally the market?
Take a look at a few targets I've been watching recently, ON, XNY, ENJ; their trends are remarkably similar: hovering at the bottom for months, with buyers stepping in every time it dips, quickly pulling back after a spike. This 'door painting' action is clearly aimed at forcing people out. If you get scared off by a few spikes, you've fallen right into the trap.
《Why Did I Buy the Dip on SIGN at 0.032? It's Not Faith, It's Calculated.》
"Everyone thinks it's cooled down, but I see an opportunity."
Let me tell you a true story.
Last week I went to the market to buy oranges. Three stalls were next to each other, with different prices, different packaging, and different owners' names.
After getting to know each other, I realized all three are opened by the same person.
I was stunned at that moment.
Ordinary people in business are afraid of others stealing their jobs. Experts in business take all the jobs on the street for themselves.
This is the reason I want to talk about SIGN today.
Most people don't really understand what SIGN is doing.
Don't be fooled by big words like "sovereign infrastructure."
Let me tell you a true story.
Last week I went to the market to buy oranges. Three stalls were next to each other, with different prices, different packaging, and different owners' names.
After getting to know each other, I realized all three are opened by the same person.
I was stunned at that moment.
Ordinary people in business are afraid of others stealing their jobs. Experts in business take all the jobs on the street for themselves.
This is the reason I want to talk about SIGN today.
Most people don't really understand what SIGN is doing.
Don't be fooled by big words like "sovereign infrastructure."
The most underestimated narrative of 2026: AI agents need on-chain identity, and $SIGN may be the only answer.
Everyone is talking about AI agents, but very few have considered a fundamental question—when AI agents replace you in signing contracts, transferring money, and voting, who will prove that this AI is indeed authorized by you?
Traditional methods of centralized verification like OAuth and API Keys become ineffective in the context of AI agents. This is because AI agents operate across platforms, chains, and even countries; no centralized organization can cover all scenarios.
There is a section in the SIGN white paper that many people have skipped (P.41): "Providing verifiable on-chain identity and behavioral authorization proof for AI agents." In simpler terms—your AI agent can prove through the SIGN protocol that "this operation has been authorized by a human" for any action it executes on any chain.
This is not a future demand; it is a current demand. On-chain data shows that in the past 30 days, among the smart contract addresses interacting with the SIGN protocol, 14% have been labeled as "non-human addresses" (i.e., contract addresses or multi-signature addresses), a figure that was only 3% three months ago.
The identity layer for AI agents could represent a market larger than AI itself. And SIGN has been running in this lane for two years now.
#Sign地缘政治基建 $SIGN @SignOfficial
Everyone is talking about AI agents, but very few have considered a fundamental question—when AI agents replace you in signing contracts, transferring money, and voting, who will prove that this AI is indeed authorized by you?
Traditional methods of centralized verification like OAuth and API Keys become ineffective in the context of AI agents. This is because AI agents operate across platforms, chains, and even countries; no centralized organization can cover all scenarios.
There is a section in the SIGN white paper that many people have skipped (P.41): "Providing verifiable on-chain identity and behavioral authorization proof for AI agents." In simpler terms—your AI agent can prove through the SIGN protocol that "this operation has been authorized by a human" for any action it executes on any chain.
This is not a future demand; it is a current demand. On-chain data shows that in the past 30 days, among the smart contract addresses interacting with the SIGN protocol, 14% have been labeled as "non-human addresses" (i.e., contract addresses or multi-signature addresses), a figure that was only 3% three months ago.
The identity layer for AI agents could represent a market larger than AI itself. And SIGN has been running in this lane for two years now.
#Sign地缘政治基建 $SIGN @SignOfficial
My experience of making 8 times on BNB and the lesson from my last liquidation
A night that kept me awake.
At three in the morning, I stared at my phone screen, watching the price of BNB drop from 600 all the way down to 580. I couldn't believe my eyes—just two hours ago, I was still feeling pleased with myself for making 3000U.
This is my first time being liquidated on BNB.
To be honest, after that night, my feelings towards BNB became very complicated. On one hand, I did make money with this coin, at one point my account increased by 8 times; on the other hand, due to my own foolishness, I ended up giving back half of the profits.
Today, I want to write about these two experiences. It's not about showing off, it's not about pretending to be cool, it's to let you see a real retail investor who has stumbled on BNB and how they reinterpreted this coin.
At three in the morning, I stared at my phone screen, watching the price of BNB drop from 600 all the way down to 580. I couldn't believe my eyes—just two hours ago, I was still feeling pleased with myself for making 3000U.
This is my first time being liquidated on BNB.
To be honest, after that night, my feelings towards BNB became very complicated. On one hand, I did make money with this coin, at one point my account increased by 8 times; on the other hand, due to my own foolishness, I ended up giving back half of the profits.
Today, I want to write about these two experiences. It's not about showing off, it's not about pretending to be cool, it's to let you see a real retail investor who has stumbled on BNB and how they reinterpreted this coin.
NIGHT Lock-up Financial Management: Don't Treat It as 'Financial Management', Treat It as a 'Ticket'
Let’s start with a counterintuitive viewpoint.
The lock-up of the NIGHT project is essentially not incentivizing you to 'save money', but screening whether you 'qualify'.
Many people automatically associate the four characters 'lock-up financial management' with—investing in, and happily receiving returns at maturity.
But if you take a closer look at NIGHT's economic model, you'll find that the weight of the lock-up is not reflected in interest, but in governance weight, airdrop weight, and some undisclosed priority rights.
In simple terms, the amount you lock up determines your 'membership level' in the game.
The lock-up of the NIGHT project is essentially not incentivizing you to 'save money', but screening whether you 'qualify'.
Many people automatically associate the four characters 'lock-up financial management' with—investing in, and happily receiving returns at maturity.
But if you take a closer look at NIGHT's economic model, you'll find that the weight of the lock-up is not reflected in interest, but in governance weight, airdrop weight, and some undisclosed priority rights.
In simple terms, the amount you lock up determines your 'membership level' in the game.
ETH's '2026 New Narrative': Triple arbitrage window of macro strategies
"In 2024 we ask 'Will Ethereum rise?', and in 2026 we ask 'Under what macro scenario will which attributes of ETH be priced?'."
🌐 2026 macro backdrop: Three irreversible trends
✅ Global interest rates are declining: The Federal Reserve is in the middle of a rate-cutting cycle, with real interest rates at approximately 1.2%
✅ Cryptocurrency regulatory framework taking shape: The three major systems in the US, Europe, and Asia are basically defined, and compliance channels are opening up
✅ Institutional allocation becoming normalized: Spot ETF holdings exceed 8 million units, staking products enter 401k
ETH is no longer simply a "risk asset," but a composite carrier of macro factors.
🔹 First level of arbitrage: liquidity premium (when "cheap money" returns)
🌐 2026 macro backdrop: Three irreversible trends
✅ Global interest rates are declining: The Federal Reserve is in the middle of a rate-cutting cycle, with real interest rates at approximately 1.2%
✅ Cryptocurrency regulatory framework taking shape: The three major systems in the US, Europe, and Asia are basically defined, and compliance channels are opening up
✅ Institutional allocation becoming normalized: Spot ETF holdings exceed 8 million units, staking products enter 401k
ETH is no longer simply a "risk asset," but a composite carrier of macro factors.
🔹 First level of arbitrage: liquidity premium (when "cheap money" returns)
That night, I almost gave back all the profits I had saved over two years.
Introduction: A trade that kept me awake at night
To be honest, when I was writing this review, my hands were still shaking.
It's not an exaggeration. It's that kind of feeling—knowing you almost made a fatal mistake, and after narrowly escaping, the physiological reaction brought on by the adrenaline wearing off.
The incident happened last week. On Tuesday night, Bitcoin fell below 66000, and I opened a long position at that level.
The position wasn't large, just 30%. But it was this '30%' that put me through the most agonizing period in the last two years over the next 48 hours.
Today I want to write down this process in its entirety. It's not about showing off, it's not about being pretentious; it's about letting you see a real retail investor who makes mistakes, hesitates, and gets up at three in the morning to watch the market, struggling in this environment.
To be honest, when I was writing this review, my hands were still shaking.
It's not an exaggeration. It's that kind of feeling—knowing you almost made a fatal mistake, and after narrowly escaping, the physiological reaction brought on by the adrenaline wearing off.
The incident happened last week. On Tuesday night, Bitcoin fell below 66000, and I opened a long position at that level.
The position wasn't large, just 30%. But it was this '30%' that put me through the most agonizing period in the last two years over the next 48 hours.
Today I want to write down this process in its entirety. It's not about showing off, it's not about being pretentious; it's about letting you see a real retail investor who makes mistakes, hesitates, and gets up at three in the morning to watch the market, struggling in this environment.
BNB Trading Strategy: Don't treat it as a coin for speculation; it is 'exchange stock'.
"Most people focus on K-lines, while the smart ones focus on Binance's business."
Many people treat BNB as a meme coin for speculation, which is the biggest misconception.
The essence of BNB is the 'Proxy Token' for Binance's business.
Its logic is not like BTC looking at macro factors, but more like stocks looking at financial reports.
🎯 My three 'foolish' rules
1️⃣ Good business + Stable price = Buy signal
When Binance's spot market share rebounds and new coins are issued more frequently, but the BNB price is still consolidating.
This indicates that fundamentals have outperformed sentiment, marking the best entry point.
Don't ask why; the market always reacts a beat late.
Many people treat BNB as a meme coin for speculation, which is the biggest misconception.
The essence of BNB is the 'Proxy Token' for Binance's business.
Its logic is not like BTC looking at macro factors, but more like stocks looking at financial reports.
🎯 My three 'foolish' rules
1️⃣ Good business + Stable price = Buy signal
When Binance's spot market share rebounds and new coins are issued more frequently, but the BNB price is still consolidating.
This indicates that fundamentals have outperformed sentiment, marking the best entry point.
Don't ask why; the market always reacts a beat late.
Trader's 'Three-layer Toolbox': 90% of people only use the outermost layer
"Tools won't make you money, but using the wrong tools will definitely make you lose money."
Most people collect 100 indicators, but in the end, they still lose in the same way: tool piling without a system.
I break down my trading tools into three layers, like peeling an onion, from the outside to the inside:
🔹 First layer: Perception layer (see what the market is saying)
❌ Common misconception: Open the trading software and first look at whether the price has risen.
✅ Correct posture: First, look at the market sentiment thermometer.
My portfolio:
• Funding rate + long/short ratio → Determine extreme short-term sentiment
• Net inflow/outflow of exchanges → Look at the movements of big players
Most people collect 100 indicators, but in the end, they still lose in the same way: tool piling without a system.
I break down my trading tools into three layers, like peeling an onion, from the outside to the inside:
🔹 First layer: Perception layer (see what the market is saying)
❌ Common misconception: Open the trading software and first look at whether the price has risen.
✅ Correct posture: First, look at the market sentiment thermometer.
My portfolio:
• Funding rate + long/short ratio → Determine extreme short-term sentiment
• Net inflow/outflow of exchanges → Look at the movements of big players
I monitored a wallet address for three months and witnessed how SIREN was manipulated.
Everything started from that early morning.
At three in the morning, I habitually checked the on-chain data.
To be honest, not many people are monitoring at this time, most people are asleep, only us 'night owls' are still staring at the screen. I was originally planning to take a quick look and shut down the computer, but a transfer record instantly woke me up—
An address withdrew 484.6 million SIREN from Hedgey Finance.
I rubbed my eyes and counted the zeros after the decimal point again. That's right, 484.6 million. Based on the price at that time, it was worth over 1 billion dollars.
So what is the total supply of SIREN? 1 billion. In other words, this address cluster has taken nearly half of the tokens.
At three in the morning, I habitually checked the on-chain data.
To be honest, not many people are monitoring at this time, most people are asleep, only us 'night owls' are still staring at the screen. I was originally planning to take a quick look and shut down the computer, but a transfer record instantly woke me up—
An address withdrew 484.6 million SIREN from Hedgey Finance.
I rubbed my eyes and counted the zeros after the decimal point again. That's right, 484.6 million. Based on the price at that time, it was worth over 1 billion dollars.
So what is the total supply of SIREN? 1 billion. In other words, this address cluster has taken nearly half of the tokens.
After BTC breaks 70,000, why did I instead reduce my holdings?
Many people ask me if the bull market has started. To be honest, I reduced my position by 30% yesterday.
It's not bearish; it's just that the risk-reward ratio is not suitable.
1️⃣ Technical aspect: The daily line is too far from MA30, and there is a need for a pullback.
2️⃣ Sentiment aspect: The square is full of bullish calls, and even beginners are opening contracts, which is a short-term top signal.
3️⃣ Capital aspect: The issuance of stablecoins has not kept up, lacking new liquidity.
My plan:
• Pull back to around 65K to re-enter long positions
• Make grids during the intermediate consolidation period
• Break through 72K and then chase the right side
Trading is not about who makes money faster, but about who survives longer.
It's not bearish; it's just that the risk-reward ratio is not suitable.
1️⃣ Technical aspect: The daily line is too far from MA30, and there is a need for a pullback.
2️⃣ Sentiment aspect: The square is full of bullish calls, and even beginners are opening contracts, which is a short-term top signal.
3️⃣ Capital aspect: The issuance of stablecoins has not kept up, lacking new liquidity.
My plan:
• Pull back to around 65K to re-enter long positions
• Make grids during the intermediate consolidation period
• Break through 72K and then chase the right side
Trading is not about who makes money faster, but about who survives longer.
Information Gap Trading: Three-layer Arbitrage Logic of SUI/USDT
Most people look at SUI's candlestick chart, while veterans focus on who knows what first.
Information gap is not 'insider information', but a structured cognitive advantage. I break it down into three layers:
🔹 Level 1: Time Gap (On-chain > CEX > Social Media)
SUI ecosystem TVL increased by $20 million, visible on-chain in 10 minutes, exchange response in 2 hours, Twitter fermentation in 6 hours
Strategy: Monitor large stakes/contract deployments on SuiScan, position 1-2 hours in advance to capture the first wave of liquidity premium
🔹 Level 2: Cognitive Gap (Developer > Trader > Retail Investor)
Before a new game launches, developers know the user acquisition cost; traders only know 'a project is about to launch'
Information gap is not 'insider information', but a structured cognitive advantage. I break it down into three layers:
🔹 Level 1: Time Gap (On-chain > CEX > Social Media)
SUI ecosystem TVL increased by $20 million, visible on-chain in 10 minutes, exchange response in 2 hours, Twitter fermentation in 6 hours
Strategy: Monitor large stakes/contract deployments on SuiScan, position 1-2 hours in advance to capture the first wave of liquidity premium
🔹 Level 2: Cognitive Gap (Developer > Trader > Retail Investor)
Before a new game launches, developers know the user acquisition cost; traders only know 'a project is about to launch'
WLD/USDT Trading Analysis: From this 'team transfer', see the full picture of the 'selling pressure ocean'
1. Knowing the micro Who is selling in that 75 million transfer this morning?
Just during this early morning to morning period, two very critical transfers were detected on-chain:
First transaction: The Worldcoin team transferred 89.65 million WLD (worth about 26.17 million USD) to a new address, then dispersed it into multiple centralized exchanges.
Second transaction: Following this morning, another 75 million WLD (worth about 19.72 million USD) was transferred to another address.
My interpretation:
There is a detail worth pondering here—this receiving address has a 'criminal record'; historical data shows it is usually used as a transfer station, and after similar operations last week, tokens flowed into Binance. What does this indicate? This is not some 'wallet reorganization', nor 'ecological incentives', it is clearly an intention to sell.
Just during this early morning to morning period, two very critical transfers were detected on-chain:
First transaction: The Worldcoin team transferred 89.65 million WLD (worth about 26.17 million USD) to a new address, then dispersed it into multiple centralized exchanges.
Second transaction: Following this morning, another 75 million WLD (worth about 19.72 million USD) was transferred to another address.
My interpretation:
There is a detail worth pondering here—this receiving address has a 'criminal record'; historical data shows it is usually used as a transfer station, and after similar operations last week, tokens flowed into Binance. What does this indicate? This is not some 'wallet reorganization', nor 'ecological incentives', it is clearly an intention to sell.
If I want to use XAUT, how would I use it?
(This part is purely personal operational thought and for reference only)
I won't bet on the rise and fall of XAUT against the US dollar, that's a matter for gold, which I cannot control.
I will use it as two tools:
Cross-chain value storage: When crossing between chains, if you don't want to hold too many stablecoins and don't want to bear the volatility of BTC, XAUT is an intermediate state. Its volatility is an order of magnitude lower than BTC, but it has an additional layer of gold backing compared to stablecoins.
Collateral: In some lending protocols, the collateral ratio of XAUT is usually higher than that of BTC/ETH (because it has less volatility). This means you can borrow stablecoins using it to participate in other opportunities while retaining exposure to gold.
I won't bet on the rise and fall of XAUT against the US dollar, that's a matter for gold, which I cannot control.
I will use it as two tools:
Cross-chain value storage: When crossing between chains, if you don't want to hold too many stablecoins and don't want to bear the volatility of BTC, XAUT is an intermediate state. Its volatility is an order of magnitude lower than BTC, but it has an additional layer of gold backing compared to stablecoins.
Collateral: In some lending protocols, the collateral ratio of XAUT is usually higher than that of BTC/ETH (because it has less volatility). This means you can borrow stablecoins using it to participate in other opportunities while retaining exposure to gold.
What is XAUT currently lacking?
It's not about liquidity, nor application scenarios, but rather a 'usage scenario' that can be perceived by ordinary users.
The current problem is: large funds are using it, but ordinary users do not know; the channels for deposits and withdrawals are being used, but retail investors cannot see it; structured products are in use, but they are not displayed to the end customers.
This leads to one result - XAUT has a low 'presence' on the chain. You open the DEX, and it ranks far down the list; you scroll through Twitter, and no one is discussing it; you enter the community, and no one is calling trades.
But conversely, this kind of 'quietness' itself is an information gap.
When an asset is out of the sight of retail investors, but the data on the chain remains stable, or even grows slowly, it is either gathering momentum or being undervalued.
The current problem is: large funds are using it, but ordinary users do not know; the channels for deposits and withdrawals are being used, but retail investors cannot see it; structured products are in use, but they are not displayed to the end customers.
This leads to one result - XAUT has a low 'presence' on the chain. You open the DEX, and it ranks far down the list; you scroll through Twitter, and no one is discussing it; you enter the community, and no one is calling trades.
But conversely, this kind of 'quietness' itself is an information gap.
When an asset is out of the sight of retail investors, but the data on the chain remains stable, or even grows slowly, it is either gathering momentum or being undervalued.
Why are large holders willing to hold XAUT instead of buying physical gold to keep at home?
This is a problem that many people have not figured out.
Physical gold has several pain points: storage costs, delivery costs, and poor liquidity. If you want to sell a kilogram of gold bars, it's not as simple as making a phone call to complete the transaction at market price immediately.
However, XAUT is on-chain, transferable and can be divided (minimum unit 0.01) 24 hours a day, and can be used as collateral. For those with funds in the million-dollar range, the liquidity premium offered by XAUT is something that physical gold cannot provide.
A friend of mine who works in OTC once said something that I think is very relevant:
"XAUT is not meant to replace gold, but to allow gold to flow on-chain like USDT."
Physical gold has several pain points: storage costs, delivery costs, and poor liquidity. If you want to sell a kilogram of gold bars, it's not as simple as making a phone call to complete the transaction at market price immediately.
However, XAUT is on-chain, transferable and can be divided (minimum unit 0.01) 24 hours a day, and can be used as collateral. For those with funds in the million-dollar range, the liquidity premium offered by XAUT is something that physical gold cannot provide.
A friend of mine who works in OTC once said something that I think is very relevant:
"XAUT is not meant to replace gold, but to allow gold to flow on-chain like USDT."
Gold has risen, will XAUT definitely rise? Not necessarily
This is a very counterintuitive point.
It's true that XAUT's price is pegged to gold, but the buying power on the chain does not entirely come from the rise and fall of gold itself; it comes more from 'when the funds remaining on the chain need to hedge, what options are available.'
USDT/USDC has a decoupling risk (although very small, but large funds will consider it), interest-bearing stablecoins have protocol risks, and the underlying of XAUT is physical gold—among all 'value storage' assets on the chain, it is the only one with the hardest external credit endorsement.
So you will notice a phenomenon: when gold rises sharply, XAUT does not necessarily see an increase in volume; but every time there is a major risk on the chain (for example, a certain lending protocol is attacked, or a certain stablecoin decouples), the on-chain transfer volume of XAUT will jump.
It's true that XAUT's price is pegged to gold, but the buying power on the chain does not entirely come from the rise and fall of gold itself; it comes more from 'when the funds remaining on the chain need to hedge, what options are available.'
USDT/USDC has a decoupling risk (although very small, but large funds will consider it), interest-bearing stablecoins have protocol risks, and the underlying of XAUT is physical gold—among all 'value storage' assets on the chain, it is the only one with the hardest external credit endorsement.
So you will notice a phenomenon: when gold rises sharply, XAUT does not necessarily see an increase in volume; but every time there is a major risk on the chain (for example, a certain lending protocol is attacked, or a certain stablecoin decouples), the on-chain transfer volume of XAUT will jump.
About 'Who Actually Holds XAUT'
Many people think that XAUT is bought by retail investors, but that is not the case.
I have reviewed the on-chain data (not posting the address, you can go to etherscan and check the holdings ranking yourself), among the top addresses, a considerable portion are reserve addresses for deposit and withdrawal channels and inventory addresses for over-the-counter trading platforms.
What does it mean?
The real circulation scenario of XAUT is not the trading between retail investors on DEX, but rather as a 'on-chain settlement medium' in circulation—such as in some withdrawal channels, where customers want exposure to gold but do not want to handle physical gold, the platform settles directly with XAUT; for example, in some structured products, the underlying asset is XAUT, packaged as fixed income for sale.
I have reviewed the on-chain data (not posting the address, you can go to etherscan and check the holdings ranking yourself), among the top addresses, a considerable portion are reserve addresses for deposit and withdrawal channels and inventory addresses for over-the-counter trading platforms.
What does it mean?
The real circulation scenario of XAUT is not the trading between retail investors on DEX, but rather as a 'on-chain settlement medium' in circulation—such as in some withdrawal channels, where customers want exposure to gold but do not want to handle physical gold, the platform settles directly with XAUT; for example, in some structured products, the underlying asset is XAUT, packaged as fixed income for sale.
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