The tokenized gold asset PAX Gold (PAXG) has once again become the focus of the crypto community. Against the backdrop of a moderate but steady rise in the price of physical gold, the on-chain metrics of this stablecoin have shown explosive growth, confirming the trend of capital migration into "safe" digital assets.
According to data obtained from our own analysis of network activity, the number of unique active PAXG addresses over the past 24 hours has reached 8,830 — an all-time high for this token. At the same time, the realized profit metric surged to $6.77 million, the highest value in the last five months.
Why is PAXG in the spotlight?
The reason for this dynamic lies in the macroeconomic context. Gold, a traditional safe-haven asset, gained 2.45% last week amid expectations of changes in the U.S. Federal Reserve's monetary policy. Investors seeking liquid and secure ways to deploy capital on-chain have naturally turned their attention to PAXG — a token backed by one troy ounce of physical gold.
It is important to emphasize that the surge in realized profit is not a panic flight. Rather, we are witnessing a classic profit-taking by long-term holders who took advantage of favorable price conditions. At the same time, fundamental interest in the asset is not fading but, on the contrary, is strengthening.
Accumulation, not distribution: what the flows say
An analysis of fund flows between exchanges and wallets paints an even more interesting picture. Over the past 24 hours, the net outflow of PAXG from trading platforms amounted to $6.9 million — approximately 3.7 times the daily average. Simultaneously, new wallets acquired $1.8 million worth of tokens.
This dynamic clearly indicates a phase of accumulation, not distribution. Large holders ("whales") are selling relatively modest volumes (only $105,400 over the week), while the bulk of capital is moving into cold storage. This is a bullish signal for PAXG's medium-term outlook.
Key catalysts for further movement will be the release of the minutes from the June FOMC meeting (on Wednesday) and the U.S. inflation data for June (July 14). If gold holds its current positions, PAXG has every chance to solidify its status as one of the most sought-after "safe" instruments in the crypto market.
Expert opinion from Cryptalist: The current surge in activity around PAXG is not a speculative bubble but a structural shift. Institutional players and retail traders are increasingly viewing tokenized real-world assets (RWAs) as a bridge between traditional finance and DeFi. The growth of PAXG's on-chain metrics amid Bitcoin's correction confirms: the market is seeking refuge not in dollar-pegged stablecoins, but in hard assets with a millennia-long history.