The tokenized asset market is once again showing a high correlation with traditional finance. Against the backdrop of moderate but steady growth in physical gold prices, on-chain metrics for the PAXG token (PAX Gold) have surged to all-time highs. This signals growing interest from institutional and retail investors in a "safe haven" in cryptocurrency format.
According to on-chain analytics data, the number of active PAXG addresses over the past 24 hours has reached 8,830 — an absolute record in the asset's history. At the same time, realized profits for holders jumped to $6.77 million, the highest value in the last five months. This dynamic indicates large-scale profit-taking following the recent gold rally, which gained 2.45% over the week.
Why is capital flowing into on-chain gold?
The reason for such intense activity is clear: gold is once again confirming its status as a safe-haven asset, and its tokenized version offers traders a unique combination of blockchain liquidity and the stability of a precious metal. PAXG, backed by one troy ounce of physical gold per token, allows investors to diversify their portfolio without withdrawing funds from the crypto ecosystem.
However, behind the surge in realized profits lies a deeper trend. Exchange flow data shows that many investors are not just taking profits but are accumulating PAXG. The net outflow of the token from trading platforms over the past 24 hours amounted to $6.9 million — 3.7 times the daily average. Meanwhile, new wallets purchased an additional $1.8 million in PAXG. Over the past seven days, exchanges have recorded a steady net outflow, while sales by the largest holders remain moderate — just $105,400.
Accumulation, not distribution
This picture is characteristic of an accumulation phase, not mass distribution. Investors appear to view PAXG as a long-term risk hedging tool, especially ahead of key macroeconomic events: the release of the U.S. Federal Reserve's June meeting minutes and inflation data due on July 14. If gold maintains its current positions, PAXG risks becoming one of the most sought-after and "safe" assets in the crypto market.
My expert commentary: The rise in PAXG's on-chain metrics is a clear signal that the tokenized real-world asset (RWA) market is entering a new phase of maturity. Investors no longer view cryptocurrencies solely as a speculative tool. They are seeking bridges between traditional finance and blockchain. PAXG is currently the main beneficiary of this trend, and if the macroeconomic backdrop remains uncertain, we will see further capital inflows into this segment. However, it is worth remembering that profit-taking at all-time highs is a natural process that could create short-term pressure on the token's price.