This week's rotation is measurable.
While
$BTC and
$ETH traded lower on macro uncertainty, capital did not exit onchain rails. It rotated inside them.
Tokenized commodities now sit at $4.4B total market value, led by:
- @tethergold ($XAUT): $1.9B
- @Paxos Gold ($PAXG): $1.8B
Combined, gold-backed tokens account for 85%+ of tokenized commodity supply.
That shift coincided with:
- Spot gold pushing to fresh highs
- Tokenized gold trading volumes exceeding $5.7B in 2025, including an 8× QoQ surge in Q4
- Stable or rising holder counts in gold-backed tokens, even as crypto risk appetite softened
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