Is anyone FUDing into Gold?
- Summary: Finding out is tokenized gold another sort of "safe heaven"
- Assets covered: PAXG, DGX, XAUT
- Metrics used: Top holders percent of total supply, Number of holders by number of owned coins, MVRV
Yesterday's great Dino's insight revealed investors and traders moves towards "cash" - stablecoins.
Today I'd like to overview what's going on with gold tokenized on blockchain.
Gold is a well known treasury to save holdings when markets crash.
Not to multiply but just to save maximum possible.
1. Top 50 wallets percent of total supply trend:
It doesn't look like confident gold position increasing. Quite opposite, top holders sold and keep selling gold on blockchain.
2. Holders distribution
Most cohorts except biggest owners acting like this:
Put simply, it means that most whales do not trust tokenized gold.
3. Risk evaluation, MVRV
Actually not sure this metric applies here as well as for another "gold" - BTC for example. But let's see.
Cash is still the king. Stablecoins, yes.
Gold tokens seems to be an option only for retail holders at this moment.
Wealthy owners leaving it.
A watchlist to track gold tokens - https://app.santiment.net/assets/list?name=Tokenized%[email protected]#shared