The market for tokenized precious metals is once again attracting close attention from investors. Against the backdrop of a moderate but steady rise in physical gold prices over the past week, the on-chain activity of the PAX Gold (PAXG) token has surged sharply, reaching all-time highs across several key metrics.
Analysis of network data shows that the number of active PAXG addresses in a single day set an absolute record, reaching 8,830. Simultaneously, the volume of realized profit soared to $6.77 million — the highest value in the last five months. This is direct evidence that token holders are actively locking in profits amid favorable price conditions.
The reason for this surge in interest is clear: gold is once again showing strong momentum, and traders are seeking safe and liquid ways to deploy capital in the on-chain environment. PAXG, with each token backed by one troy ounce of physical gold, becomes an ideal tool for this task, allowing investors to gain exposure to the precious metal without needing to withdraw funds into fiat or traditional financial instruments.
Accumulation continues despite profit-taking
At first glance, the sharp rise in realized profit might signal an imminent trend reversal and pressure on the token's price. However, a deeper analysis of fund flows paints a different picture. Data on PAXG movements from exchanges indicates that many investors remain inclined toward accumulation.
The net outflow of PAXG from trading platforms over the past day amounted to $6.9 million — roughly 3.7 times the average value. At the same time, new wallets purchased tokens worth $1.8 million. Over the last seven days, exchanges have recorded a steady net outflow, while sales from the largest holders remain modest — just $105,400. This dynamic is a classic sign of an accumulation phase, not mass distribution.
Analytical commentary from Cryptalist: The current situation with PAXG is a vivid example of how macroeconomic factors are driving demand for tokenized real-world assets (RWA). As long as gold maintains its position and the market awaits key inflation data and U.S. Federal Reserve protocols, PAXG will remain one of the most sought-after "safe" assets in the crypto ecosystem. In my view, this trend will only intensify, attracting capital to the on-chain sector that was previously inaccessible to DeFi.