The golden trend flows into the blockchain: PAXG sets on-chain records
Tokenized gold is back in the market's spotlight. Over the past week, amid a moderate rise in the price of the physical precious metal, the on-chain activity of the PAXG (PAX Gold) token has surged to all-time highs. This is not just a spike—it is a clear signal of capital flowing into digital assets backed by real assets.
According to network analytics data, the number of active PAXG addresses in a single day reached 8,830—an absolute record. At the same time, the realized profit of token holders rose to $6.77 million, the highest value in the last five months. The reason for this frenzy is obvious: gold is once again showing a confident upward trend, and traders are actively seeking safe and liquid instruments to deploy capital specifically in the on-chain environment.
Gold price rise and profit-taking
Let me remind you that one PAXG token is backed by one troy ounce of physical gold stored in London vaults. This gives cryptocurrency holders direct access to the precious metal without needing to exit into traditional fiat. Over the past seven days, gold has risen by 2.45% amid expectations of changes in the US Federal Reserve's monetary policy. However, at the time of writing this analysis, the price has corrected by 0.39% in a day, indicating short-term profit-taking.
It was this rise that triggered a wave of profit realization among PAXG holders. Many took the opportunity to lock in gains. Nevertheless, flow data points to a deeper trend: despite profit-taking, the net outflow of PAXG from exchanges over the past day amounted to $6.9 million—roughly 3.7 times the average value. Simultaneously, new wallets purchased an additional $1.8 million in the token.
Accumulation rather than distribution
Over the past seven days, exchanges have recorded a steady net outflow, while sales by the largest holders remained modest—only $105,400. This dynamic classically indicates a phase of accumulation, not mass distribution. Investors appear to view PAXG not as a speculative tool, but as a long-term defensive asset.
Key triggers for further movement will be the release of the minutes from the Fed's June meeting, followed by US inflation data due on July 14. If gold holds its current positions, PAXG will remain one of the most sought-after and "safe" options on the crypto market.
My view: we are witnessing the formation of sustained demand for tokenized real-world assets (RWA). PAXG is currently not just a hedge against crypto volatility, but also a direct beneficiary of macroeconomic uncertainty. As long as gold holds levels above $2,350 per ounce, on-chain activity will only grow.