The tokenized precious metals market has once again come into focus. Against the backdrop of a moderate but steady rise in the price of gold over the past week, the segment leader — the PAX Gold (PAXG) token — has shown a sharp spike in network activity. On-chain analytics data indicates that interest in this instrument extends far beyond simple hedging.
Historic Record for Active Addresses
A key metric signaling increased interest is the number of unique active addresses on the PAXG network per day. The figure reached 8,830, an absolute all-time high for the token. Simultaneously, realized profit also soared, amounting to $6.77 million — the highest value in the last five months. This suggests that a significant portion of holders decided to take advantage of the favorable market conditions to lock in profits.
The reason for this frenzy is quite clear: gold is once again showing attractive dynamics, and its tokenized counterparts, such as PAXG, provide crypto traders with the most liquid and secure way to gain exposure to the precious metal without needing to exit into fiat or engage in physical storage. One PAXG token is strictly backed by one troy ounce of gold, making it an ideal bridge between the traditional and digital worlds.
Accumulation Continues Despite Profit-Taking
Despite the wave of profit-taking, capital flow data indicates that the accumulation phase is continuing. Over the past 24 hours, the net outflow of PAXG from centralized exchanges amounted to $6.9 million — nearly 3.7 times the daily average. At the same time, new wallets not among the largest holders purchased tokens worth $1.8 million.
Over the past seven days, exchanges have consistently recorded net outflows, while sales by large holders (whales) remain modest — just $105,400. This dynamic is more characteristic of accumulation rather than mass distribution of assets. Investors, it seems, view the current correction in the gold price as an opportunity to enter.
My View on the Situation
The PAXG data is a clear marker of market maturity. We are seeing institutional and retail investors actively using on-chain tools to manage classic risks. The record number of active addresses, combined with profit-taking and simultaneous outflows from exchanges, forms a classic bullish pattern: short-term sellers are giving way to long-term holders. Key triggers for further movement will be the release of the Federal Reserve meeting minutes and U.S. inflation data. If gold holds its current positions, PAXG has every chance of solidifying its status as one of the most sought-after "safe" assets in the crypto market.