The market for tokenized precious metals is experiencing a notable revival. Against the backdrop of a moderate but steady rise in the price of physical gold, the on-chain metrics of the gold-backed token PAX Gold (PAXG) are showing record levels. This is direct evidence that capital is seeking a "safe haven" on the blockchain, and PAXG is currently leading this movement.
On-Chain Metrics Hit Records: Activity and Profit-Taking
Analysis of network activity shows a sharp surge. The number of daily active addresses reached an all-time high of 8,830. Simultaneously, the realized profit of PAXG holders soared to $6.77 million — the highest value in the last five months. This dynamic indicates two processes: on one hand, interest in the asset is growing; on the other, many holders are seizing the moment to lock in profits.
The reason for this interest is obvious: gold is once again attracting attention as a safe-haven asset, and traders are seeking convenient and liquid ways to deploy capital on-chain. PAXG, where one token corresponds to one troy ounce of physical gold, becomes an ideal tool for this purpose, eliminating the need to work with offline storage facilities.
Gold Price Dynamics and Macroeconomic Background
Over the past week, the price of gold has increased by 2.45%. The main catalyst was expectations of changes in the US Federal Reserve's monetary policy, which supported demand for both safe-haven and risk-on assets. However, it is worth noting that at the time of writing, the price corrected by 0.39% over the day, indicating local profit-taking in this segment as well.
Accumulation Continues: Flow Data Points to a Long-Term Trend
Despite the surge in realized profit, capital flow data suggests that many investors are focused on long-term accumulation. The net outflow of PAXG from exchanges over the past day amounted to $6.9 million — approximately 3.7 times the average value. In parallel, new wallets purchased an additional $1.8 million worth of the token. Over the last seven days, exchanges have recorded a net outflow, while sales by the largest holders remain modest — just $105,400.
This picture is characteristic of an accumulation phase, not a distribution phase. Investors prefer to move assets from exchanges into personal custody, which is a bullish signal.
What's Next? Key Events for the Market
The nearest important triggers for PAXG and the gold market will be the release of the US Federal Reserve meeting minutes (mid-week) and the US inflation data for June (July 14). If gold maintains its current positions, tokenized assets, and PAXG in particular, will remain one of the most sought-after and "safe" options in the crypto market.
Expert Commentary: The growth in PAXG's on-chain activity against the backdrop of overall positivity in the gold market is not just a speculative spike. We are seeing the formation of a sustainable trend: institutional and retail investors are increasingly using the blockchain to access traditional safe-haven assets. The combination of record active addresses and net outflows from exchanges points to healthy accumulation dynamics, which could create a solid foundation for PAXG's growth in the medium term, regardless of short-term corrections in gold.