The market for tokenized precious metals is experiencing a new wave of interest. Against the backdrop of moderate but steady growth in physical gold prices, on-chain activity around the leading stablecoin PAX Gold (PAXG) has surged to all-time highs. This is not just a speculative spike — we are witnessing a structural inflow of capital into digital assets backed by real-world assets (RWA).
Record Activity and Profit-Taking
According to on-chain analytics data, the number of active PAXG addresses in a single day reached 8,830 — an absolute all-time record. Simultaneously, realized profit on the token jumped to $6.77 million, the highest figure in the last five months. The logic is simple: the rise in gold prices prompted PAXG holders to take profits. After all, each PAXG token is backed by one troy ounce of physical gold, making it an ideal tool for gaining exposure to the precious metal without converting to fiat.
Accumulation Continues Despite Sales
However, beneath this seemingly bearish signal lies a deeper trend. Data on asset flows to exchanges shows that investors are not rushing to offload PAXG. On the contrary, the net outflow of the token from centralized platforms over the past day amounted to $6.9 million — nearly 3.7 times higher than the average. Moreover, new wallets acquired $1.8 million worth of tokens during the same period. This dynamic points to accumulation rather than mass distribution. Large holders ("whales") are also showing restraint: their sales volume over the past seven days did not exceed $105,400.
Macroeconomic Catalyst
The primary driver of demand for gold, and consequently for PAXG, remains expectations of changes in U.S. Federal Reserve monetary policy. Over the past week, the price of gold rose by 2.45%, although at the time of analysis it had corrected by 0.39% in a single day. Key events for the market will be the release of the Fed meeting minutes and U.S. inflation data for June, due out on July 14. If gold holds its current positions, PAXG will maintain its status as one of the most sought-after and "safe" instruments on the crypto market.
Commentary from Cryptalist analyst: The rise in PAXG on-chain activity is not just a reaction to the gold price, but a signal of the maturity of the RWA market. Investors are increasingly viewing tokenized assets not as a speculative tool, but as a full-fledged hedge. However, profit-taking at all-time highs could create short-term pressure on the token. Keep an eye on macroeconomic releases — they will be the trigger for the next move.