Bybit Captures ~16% of XAUT Spot Volume as Tokenized Gold Hits New Highs
Bybit has become the leading centralized exchange for Tether Gold (XAUT) spot trading, capturing roughly 15.75% (~16%) of centralized XAUT volume per CoinGecko data. The surge in activity coincides with XAUT reaching new all-time highs near $5,500, tracking spot gold’s breakout above $5,000 amid macroeconomic uncertainty, inflation risks, geopolitical tensions, and central bank gold purchases. Bybit says its deep liquidity and 24/7 trading make it a primary venue for price discovery and access to tokenized gold, with trading active across weekends and outside traditional commodity hours. The exchange offers spot and margin trading (up to 10x), derivatives (up to 50x), multi-chain XAUT deposits (Solana, Ethereum, Mantle, Monad, TON), and automated strategies like DCA and Grid Bot. Bybit frames XAUT and other tokenized real-world assets as tools for traders to hedge volatility and gain macro exposure within crypto markets. Key figures quoted include Han Tan (Bybit Learn Chief Market Analyst) and Emily Bao (Head of Spot at Bybit).
Bullish
This development is bullish for crypto markets, specifically for tokenized real-world assets and on-chain gold exposure. Bybit’s concentration of XAUT volume (~16%) and claims of deep liquidity improve price discovery and execution for traders, reducing slippage and encouraging more adoption of tokenized gold as a macro hedge. XAUT reaching new highs alongside spot gold signals strong correlation with traditional safe-haven demand driven by macro uncertainty and central bank buying — factors that can sustain inflows. Short-term impact: increased trading volumes, tighter spreads on XAUT, and heightened trader interest in related markets (spot, margin, derivatives) which can boost volatility but on a positive demand trend. Derivatives and margin offerings (up to 50x) may amplify short-term price moves and speculative flows. Long-term impact: wider acceptance of RWAs in crypto, deeper liquidity pools, and more capital allocated to tokenized commodities, supporting higher base demand. Risks remain — custodial, regulatory, and counterparty risks for centralized venues, and leverage can cause rapid corrections — but net effect is supportive for bullish positioning in tokenized gold and related crypto instruments. Comparable precedent: increased ETF and exchange-centric flows into gold-backed products historically pushed gold prices and trading activity higher; similarly, concentrated exchange liquidity for tokenized assets has previously accelerated adoption and price momentum.