The renewed rise in physical gold prices has triggered a powerful surge of interest in its tokenized counterparts on the blockchain. PAX Gold (PAXG), the leading stablecoin backed by the precious metal, is once again in the spotlight. On-chain metrics are showing all-time highs, indicating significant capital inflows and heightened trader activity.
PAXG Sets Records: Activity and Profits Soar
Analysis of network data shows that the daily number of active PAXG addresses has reached 8,830, setting a new all-time high. Simultaneously, the volume of realized profit on the token has surged to $6.77 million — the highest figure in the last five months. This dynamic clearly indicates that holders are actively locking in profits amid the favorable price environment in the gold market.
The reason for such a strong reaction is obvious: gold is once again showing a confident upward trend. Over the past seven days, the price of the precious metal has risen by 2.45%. Investors seeking safe and liquid instruments for deploying capital on-chain are increasingly turning their attention to PAXG. Each PAXG token strictly corresponds to one troy ounce of physical gold, allowing cryptocurrency traders to gain direct exposure to the asset without leaving the digital ecosystem.
Accumulation Continues Despite Profit-Taking
Despite the spike in realized profits, capital flow data indicates a continuation of the accumulation phase rather than mass selling. According to analytics, the net outflow of PAXG from exchanges over the past day amounted to $6.9 million — approximately 3.7 times the average values. Concurrently, holders of new wallets purchased an additional $1.8 million worth of the token.
Over the past seven days, exchanges have recorded a steady net outflow, while sales from the largest holders remain moderate — just $105,400. This pattern is characteristic of accumulation: investors prefer to move assets into cold storage rather than dispose of them. This suggests long-term confidence in the prospects of tokenized gold.
Key events that could determine the further dynamics of PAXG and the entire gold market will be the release of the minutes from the U.S. Federal Reserve's June meeting and the inflation data for the same period, scheduled for mid-July. If gold maintains its current positions, PAXG has every chance of remaining one of the most sought-after and "safe" assets in the cryptocurrency market.
Cryptalist Expert Opinion: The record activity of PAXG is not just speculative hype, but a clear signal of a structural shift. Institutional and retail investors are increasingly seeking bridges between traditional "safe havens" and the world of DeFi. Tokenized gold, and PAXG in particular, fits perfectly into this strategy, offering blockchain liquidity and the protective properties of the precious metal. The current outflow from exchanges strengthens the "bullish" scenario, suggesting that many holders are playing the long game.