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Large gold token holdings keep flowing into Paxos custody, with chain data capturing a significant movement early today. On-chain tracker Arkham recorded that 5,923.47 PAXG (Paxos Gold) worth roughly $29.28 million moved from the null address into Paxos' management around midnight UTC on March 2nd.
PAXG represents tokenized physical gold backed by Paxos Trust Company, combining blockchain accessibility with traditional commodity security. The substantial transfer—exceeding $29 million—highlights ongoing institutional confidence in Paxos' custody solutions for digital gold representation.
Such on-chain flows into custodian wallets often signal either large-scale deposit consolidation, strategic reserve positioning, or institutional preparation for market movements. The specific timing and scale make this a noteworthy moment in tracking Paxos' role within the digital asset infrastructure.