Gold returned as a hot asset in August, with several sources of demand. Crypto traders shifted to tokenized gold and perpetual futures as an offset to inflation, but also as a speculative asset.

Gold is not forgotten in the crypto space, and various forms of tokenized assets and contracts have spread across the ecosystem. While gold is off its all-time highs, the recent climb of tokenized to the $4,600 range came with renewed trading interest. Later, gold retreated to around $4,480, with XAUT trading at $4,474.72.

The trend of on-chain gold is still spearheaded by Tether’s XAUT. The token expanded with more…