XAUT on the rise: Could 2025-style rotation hit Bitcoin again?

Macro volatility in 2025 reignited the debate over “safe havens.” 

But looking at year-end closes, the verdict seems clear: Gold (XAU) dominated the narrative, surging nearly 65% to a record $4,500, reminding investors why it has long been the “go-to” asset during turbulent times.

That said, this wasn’t just a lucky streak. The U.S. economy faced multiple shocks, from inflation to the federal shutdown, putting Bitcoin’s [BTC] safe-haven story under pressure, ultimately finishing the year down 6.30%.

In essence, capital favored safety over risk as macro pressures built up.

However, 2025 closed with a noticeable shift. November inflation, for instance, dropped to 2.7%, marking a 0.3% MoM decline, while recent readings like core CPI and PCE have dipped below the Fed’s 2% target.

On paper, this sets the stage for capital to rotate back into Bitcoin. Yet, looking at Q4 performance versus tokenized gold [XAUT], the preference for XAUT remains evident. XAUT rallied 13% in Q4, while BTC slid 24%.

Naturally, the question arises: Is this divergence no longer about volatility, but about seeking safe returns? If so, could the growing positioning in XAUT be an early signal of a repeat divergence heading into 2026?

Investors eye XAUT amid shifting capital flows

Looks like China is single-handedly pushing markets toward metals. 

First, it was silver. China’s export ban sparked a parabolic 147% rally in 2025, placing silver at the top of the asset performance leaderboard. Now, with China turning its attention to gold mining, the setup feels familiar.

For context, China’s largest gold producer, Zijin Mining, is ramping up overseas acquisitions. Following gold’s explosive 2025 run, this move doesn’t look random. Instead, it reflects expectations of sustained demand.

In this context, XAUT’s strong performance isn’t a coincidence.

After closing 2025 with a 65% rally, investors clearly aren’t done. Lookonchain flagged a whale who lost $18.8 million trading Ethereum [ETH], rotating out of ETH into gold and reinforcing the market thesis.

Meanwhile, six wallets scooped up 3,102 XAUT, spending $13.7 million. Taken together, these moves look like early positioning, signaling that investors are strategically shifting capital ahead of macro developments.

For Bitcoin? 2026 may repeat the 2025 divergence.

Final Thoughts

• XAUT outperforms as investors rotate toward safety, with whales and linked wallets positioning ahead of macro shifts.
• Bitcoin faces pressure as China’s metals push and early XAUT accumulation signal a potential repeat of 2025-style divergence.