Tokenized gold is back in the spotlight. Against the backdrop of a modest but steady rise in the price of the physical precious metal over the past week, the PAX Gold (PAXG) token is showing an impressive surge in on-chain activity. Data indicates a record number of unique addresses and a significant volume of profit-taking.
According to the latest metrics, the number of active PAXG addresses in a single day surged to 8,830, an all-time high for this asset. At the same time, realized profit reached $6.77 million — the highest value in the last five months. This dynamic suggests that many token holders have taken advantage of the current market conditions to close their positions.
The reason for this interest is clear: gold is once again showing an upward trend, and its tokenized counterparts are becoming a convenient and liquid tool for crypto investors to enter this market without leaving the blockchain ecosystem. PAXG, backed by one troy ounce of physical gold, serves as an ideal bridge between traditional finance and digital assets.
Accumulation continues despite profit-taking
Despite the wave of profit-taking, capital flow data points to a deeper process. The net outflow of PAXG from exchanges over the past 24 hours amounted to $6.9 million — nearly 3.7 times the average. At the same time, new wallets purchased tokens worth $1.8 million. Over the past seven days, exchanges have recorded a net outflow, while sales by the largest holders remained modest — just $105,400.
This picture is typical of an accumulation phase, not a mass sell-off. Investors prefer to move tokens from trading platforms into cold storage, which reduces the available supply and could create conditions for further price growth.
Key catalysts for PAXG and the entire gold market in the near future will be the release of the minutes from the June Federal Reserve meeting and the June inflation data, due out on July 14. If gold maintains its current positions, PAXG, in my view, will remain one of the most sought-after "safe" assets in the cryptocurrency universe, attracting capital seeking refuge from the volatility of traditional markets.
Expert opinion: The record on-chain activity of PAXG amid rising gold is a clear signal of market maturity. Investors are increasingly viewing tokenized real-world assets (RWA) as a full-fledged tool for portfolio diversification, and PAXG is leading the way here. However, the sharp spike in realized profit may indicate short-term overbought conditions, so it is worth closely monitoring incoming flows after the release of macroeconomic data.