PAXG Hits Consecutive All-Time Highs amid U.S. Government Shutdown
PAXG, the tokenized gold asset, climbed to a fresh all-time high for the fourth consecutive day on October 16, capping one of the best monthly showings among cryptocurrencies. The rally has been driven largely by risk-off flows as the U.S. government shutdown heightened macro uncertainty; investors appear to be rotating into on-chain gold exposure to preserve value while traditional markets weigh the political fallout.
The surge highlights growing demand for tokenized commodities as a complement or alternative to stablecoins and fiat hedges during crises. If sustained, this trend could shift liquidity patterns in DeFi and centralized venues, drawing more institutional and retail capital into gold-backed tokens. Market participants will be watching whether PAXG’s run broadens into other tokenized assets or cools once the political situation stabilizes.