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PAXG 
XAUT 近期增长势头强劲
从 8 月初至今，该板块新增了 20 万名持有者。而在之前的十个月里，仅增加了约 12.6 万人。ParaFi 估计，PAXG 和 XAUT 的持有者在 2025 年全年增长了 65%。仅在过去的九周里，整个更广泛领域的持有者就增长了 79%。
需要注意的是，持有者数量统计的是钱包地址，因此并不能反映实际唯一用户的数量。一个人可能持有多個钱包或多种代币。尽管如此，即便存在这一局限性，趋势依然清晰可见。
Tether Gold (XAUT) 领先 Paxos Gold (PAXG)
一年前，Tether Gold (XAUT) 仅有 12,233 名持有者，到今年 8 月增长至 74,544 人，当时仍落后于 Paxos Gold。然而时至今日，XAUT 的持有者人数已达到 143,973 人。这几乎是去年同期的 12 倍，并且比 PAXG 多出约 3.1 万人（截至撰文时）。
紧随这两大巨头之后的是 Matrixdock Gold，拥有 63,922 名持有者。这三家头部项目合计占据了该板块约 71% 的钱包份额。
代币化 ETF 和股票掀起最新一波浪潮
通过 xStocks、Robinhood、Ondo 和 STOx 发行的代币化 ETF 和股票，在最近几周加速了行业的增长。这些产品在今年 8 月初仅有约 2.1 万名持有者，目前已达到 10.5 万人。其在总持有者中的占比也从 8% 上升至今天的 23%。
例如，Gold xStock 的表现尤为突出，持有者数量从 780 激增至 41,569，增长了超过 53 倍。Robinhood 的代币化 SPDR 黄金信托基金、美国原油基金和 iShares 白银信托基金合计拥有 40,713 名持有者。这一数字与 Robinhood 链上的总持有者数量完全一致，这表明该链上的几乎所有用户都持有这三种代币之一。
原油、白银和铜开始崭露头角
虽然黄金仍占据约 90% 的持有者份额，但其他大宗商品自夏季以来增长迅速。追踪原油、白银、铜和稀土的代币目前合计拥有约 4.2 万名持有者。
Robinhood's USO token alone has 15,211 holders. The Ondo and Robinhood versions of the iShares Silver Trust Fund together have approximately 18,900 holders. Ondo's tokenized U.S. Copper Index Fund grew to 2,371 holders from 26 in August. In the summer, almost no one cares about these products.
Ethereum retains funds and distributes users to other chains
Ethereum accounts for US$4.92 billion of the sector's total market value of US$5.16 billion, accounting for approximately 95%. BNB Chain ranks second with a market cap of $85.1 million, followed by Arbitrum with $83.5 million.
The distribution of holders shows significant differences
The distribution of holders is quite different. Ethereum has 183,776 holders, accounting for approximately 41% of the total. BNB Chain has 94,289, Plume has 62,157, Solana has 62,154, and Robinhood has 40,713.
Compare the two sets of data side by side, and the differences are clear at a glance. Wallets on Ethereum tend to hold large positions, while positions on BNB Chain, Solana and Robinhood are smaller and more like retail accounts. Arbitrum is the exception among small networks: it has only a few thousand holders, but its market capitalisation is almost equal to BNB Chain.
Large long-term gold positions remain on Ethereum. New retail users are pouring in through lower-cost chains and tokens similar to a broker model. As a result, the number of holders is growing much faster than the flow of funds out of Ethereum.
