The PAXG gold token hits record highs: on-chain activity surges amid rising precious metal prices.
The tokenized gold market is experiencing a surge in activity. Against the backdrop of a moderate rise in the price of the physical precious metal over the past week, the PAX Gold (PAXG) token has once again become the focus of investor attention, demonstrating record network activity.
Analyzing on-chain metric data, I recorded a sharp jump in the number of active addresses per day to 8,830 — this is an absolute all-time high for PAXG. At the same time, the volume of realized profit soared to $6.77 million, marking a five-month peak. The reason for this frenzy is obvious: gold is again showing confident momentum, and traders are actively seeking safe and liquid instruments for deploying capital directly on the blockchain. PAXG, backed by one troy ounce of physical gold per token, perfectly meets this demand.
Profit-taking or accumulation? The data points to the latter
At first glance, the rise in realized profit might indicate mass position closing. However, a deeper analysis of fund flows paints a different picture. According to data from the analytical platform Nansen, the net outflow of PAXG from exchanges over the past day amounted to $6.9 million — nearly 3.7 times the daily average. Concurrently, owners of new wallets purchased an additional $1.8 million worth of tokens.
This dynamic is a classic sign of accumulation, not distribution. Large holders (whales) sold only $105,400 worth over the past seven days, an insignificant amount relative to the total volume. Investors are moving PAXG from trading platforms into cold storage, demonstrating long-term confidence in the asset rather than a desire to quickly lock in profits.
Macroeconomic catalyst and forecast
The rise in interest in PAXG coincided with an increase in gold prices, which rose by 2.45% over the week amid expectations of changes in the US Federal Reserve's monetary policy. Although the price of the precious metal corrected by 0.39% over the past day, the overall trend remains bullish.
Key events for the market will be the release of the FOMC meeting minutes and US inflation data for June, which are due on July 14. If gold holds its current positions, PAXG has every chance of solidifying its status as one of the most sought-after "safe" assets in the crypto market.
Comment from Cryptalist analyst: "The current situation is not just a speculative spike. We are witnessing a structural shift: investors are looking for reliable assets with real backing within the on-chain ecosystem. The record number of active addresses combined with a net outflow from exchanges is a powerful bullish signal for PAXG in the medium term. However, one should not discount the possibility of a short-term correction if macroeconomic data disappoints the market."