Hyperliquid traders have moved to tokenized gold, making it into the top 10 most actively traded assets. Whales are mainly long on gold.
Hyperliquid has become a place for tokenized gold. PAXG It is in the top 10 most traded assets. While gold achieved new records; BTC Due to the lag, traders took advantage of available on-chain infrastructure to switch to more aggressively rising assets.
Traders are showing renewed interest in tokenized metals similar to gold Closer to $5,000 meanwhile BTC I was late.
PAXG It traded higher than spot gold, making it one of the most bullish tokens in HyperLiquid. |Source: Coin Gecko
PAXG is one of the two major tokenized gold tokens, along with Tether’s XAUT. The asset was selected for hyperliquid derivatives trading and ranks among the blue-chip cryptocurrencies.
Ultra-liquid traders are long gold
Super liquid whales build long positions PAXGaccounting for over 89% of the open interest. PAXG Overall open interest rose near a three-year high to more than $220 million.
Outside of hyperliquid, traders are showing more cautious speculation. PAXGonly 59% have long positions. The increase in long positions is also more gradual, indicating that hyperliquid is the most popular venue for gold speculation.
Spot gold in the international market traded near its all-time high at $4,830.05. PAXG Interest in the deal increased, showing a premium of $4,841.56. The token still relies mostly on Binance pairs for the bulk of its concentrated volume. Gold-backed tokens are just entering decentralized trading as crypto networks are making the switch to traditional assets.
PAXG It also traded at a premium to Tether’s XAUT, settling at $4,826.23. XAUT has a total value of $2.5 billion and daily trading volume of $300 million. For the past few days PAXG Daily trading volume exceeded $441 million. PAXG Closely tracks spot gold prices, excluding short-term premiums.
PAXG And gold trading attracts whales
Pax G It is still traded as a novelty token. Its massive 89% bullish open interest depends on the size of the positions, not the number of traders.
A total of 18 whales are placing bets on Hyperliquid. PAXGevenly divided between long and short traders. Short positions receive a small fee for holding on to the unpopular side of the market. The largest position of $10.52 million is currently short, with an unrealized loss of $445,000. Long traders are cautious and have much smaller positions in place for now.
Recently, a whale has carved out a notable position in Hyperliquid’s other two tokenization options: XYZ:silver and XYZ:gold. Whale’s position includes a small unrealized loss. For now, tokenized metals still have low trading volumes compared to crypto-native tokens. whale total position The price is just under $1 million.
The recent addition of gold and tokenized stocks to crypto exchanges is aimed at making up for the slowdown in altcoin trading volumes. This deal also means that the platform can continue to collect high fees every day, even when the market is generally down. Hyperliquid remains in the top 5 of fee production companies with revenue of $3.41 million for the day.
