PAXG On-Chain Activity Explosion: Gold Token Hits Records Amid Precious Metal Rally
The tokenized gold market is experiencing an active phase of capital flow. The sector's flagship — PAX Gold (PAXG) — is showing a sharp surge in network activity, updating all-time highs in the number of active addresses.
Over the past 24 hours, the number of unique wallets interacting with PAXG has reached 8,830. This is an absolute record in the asset's entire history. At the same time, the volume of realized profit has soared to $6.77 million — the highest value in the last five months. This dynamic is a direct consequence of renewed interest in gold as a safe-haven asset amid macroeconomic uncertainty.
One PAXG token is tightly pegged to a troy ounce of physical gold, making it an ideal tool for crypto investors looking to diversify their portfolio without withdrawing funds into traditional finance. Last week, gold rose by 2.45% amid expectations of changes in the US Federal Reserve's monetary policy. Although the price corrected by 0.39% over the past day, the overall trend remains bullish.
Many PAXG holders took advantage of the rise to lock in profits, which is reflected in the record realized profit figures. However, this is not the only signal. Exchange flow data indicates accumulation rather than mass dumping.
Accumulation continues: exchanges are losing PAXG
According to Nansen data, the net outflow of PAXG from exchanges over the past 24 hours amounted to $6.9 million — almost 3.7 times higher than the average. Meanwhile, new wallets purchased an additional $1.8 million worth of the token. Over the past seven days, exchanges have recorded a steady net outflow, and sales by the largest holders remained modest — just $105,400.
This picture is typical of an accumulation phase: investors are moving assets from trading platforms into cold storage, anticipating further growth. If gold maintains its current positions, PAXG will remain one of the most sought-after "safe" options in the crypto market.
My expert opinion: The current surge in PAXG activity is not just a speculative impulse but a structural shift. Institutional and retail investors are increasingly viewing tokenized assets as a bridge between traditional finance and DeFi. If the macroeconomic backdrop continues to push gold higher, PAXG could become a key beneficiary of this trend, attracting capital that previously avoided on-chain solutions.