Tokenized gold is once again capturing the market's attention. Against the backdrop of a moderate but steady rise in the price of the precious metal, on-chain metrics for PAX Gold (PAXG) have surged to all-time highs. This signals that institutional and retail capital is actively seeking a "safe haven" in digital form.
According to analytical data, the daily number of active PAXG addresses has reached 8,830, setting an absolute record in the token's history. Simultaneously, the realized profit metric has soared to $6.77 million — the highest value in the last five months. This synchronized dynamic indicates a powerful wave of profit-taking amid the upward trend in gold.
The reason for this surge is clear: gold is once again showing active momentum, and traders are looking for safe and liquid instruments to deploy capital in the on-chain environment. PAXG, backed by physical gold (1 token = 1 troy ounce), perfectly meets these demands, providing cryptocurrency holders with direct access to the precious metal without needing to withdraw funds into traditional fiat.
Accumulation or Distribution? Data Points to the Former
Despite record realized profits, flow data indicates a continuation of the accumulation phase. Over the past 24 hours, the net outflow of PAXG from exchanges amounted to $6.9 million — nearly 3.7 times the average value. This means that large holders are moving tokens from trading platforms to cold wallets. Additionally, new wallets have acquired another $1.8 million worth of the token, signaling an influx of fresh capital.
It is important to note that over the past seven days, exchanges have recorded a steady net outflow, while the sales volume from the largest holders remained modest — just $105,400. This picture is characteristic of accumulation, not mass distribution. The market is clearly betting on further growth.
My expert view: The rise in PAXG's on-chain activity is not just a speculative wave. It is a structural shift: investors are increasingly viewing tokenized assets as a full-fledged alternative to traditional instruments. Key catalysts remain macroeconomic uncertainty and the upcoming release of the US Federal Reserve's minutes. If gold holds at current levels, PAXG could become one of the most sought-after "risk-free" assets in the crypto market in the second half of the year.