The market for tokenized precious metals is on the rise again. Against the backdrop of moderate but steady growth in physical gold prices, the PAX Gold (PAXG) token is showing impressive on-chain metrics, attracting attention from both retail and institutional investors.
PAXG Activity: All-Time High in Addresses
According to data from leading blockchain analytics platforms, the number of active PAXG addresses reached 8,830 in the last 24 hours — an absolute all-time record for this asset. At the same time, realized profit surged to $6.77 million, the highest value in the last five months.
The reason for this dynamic is clear: gold is once again showing a confident upward trend, and traders are actively seeking safe and liquid instruments to deploy capital in the on-chain environment. PAXG, as a token backed by one troy ounce of physical gold, perfectly meets this demand.
Profit Taking and Accumulation: A Dual Picture
The rise in realized profit indicates that many PAXG holders have seized the moment and locked in gains. However, this is only part of the picture. Data on exchange flows points to a more complex dynamic.
The net outflow of PAXG from trading platforms over the past 24 hours amounted to $6.9 million — nearly 3.7 times higher than the average. Simultaneously, new wallets acquired an additional $1.8 million worth of the token. This activity suggests that, despite profit-taking, a significant portion of investors continues to accumulate the asset, moving it from exchanges into cold storage. Sales by large holders (whales) remain moderate — just $105,400 over the last seven days.
What's Next? Key Events for the Market
The further dynamics of PAXG and the entire tokenized gold market will largely depend on macroeconomic signals. This week, key events include the release of the minutes from the U.S. Federal Reserve's June meeting, followed by U.S. inflation data for June, due out on July 14.
My analysis: The current picture resembles a classic accumulation phase following a period of profit-taking. If gold holds its current positions, PAXG has every chance of becoming one of the most sought-after "safe" assets in the crypto market. Investors seeking protection from volatility while wanting to stay within the on-chain ecosystem are increasingly turning to this instrument. The record number of active addresses is not just a number, but a clear signal of growing interest in hybrid assets that combine the stability of traditional finance with the technological edge of blockchain.