In today's complex and volatile investment landscape, the demand for physical gold is undergoing a profound paradigm shift. According to Moneta Markets, as digital assets integrate more deeply with traditional finance, gold's penetration in the digital realm has significantly outpaced traditional channels, including gold ETFs. This trend is not only altering gold holding structures but also providing new macro-level support for gold prices. Notably, as digital asset issuers continue to bolster their physical gold reserves, gold's role as a hedge against systemic risks is being further reinforced amid the digital wave.

Leading players in the digital asset space are particularly notable for their aggressive gold accumulation. Based on the latest market estimates, major gold token issuers currently hold between 125 and 150 tons of gold reserves. This scale of holdings has elevated the influence of non-sovereign buyers to unprecedented levels, even placing them among the top 30 global gold holders—surpassing the sovereign reserves of several developed economies such as Australia, the UAE, and Greece. This shift in holdings from sovereign nations to large digital institutions signals a diversification of gold pricing power. Moneta Markets indicates that data shows gold accounts for approximately 7% of such institutions' total reserves, with plans to increase this proportion to 10–15% in the future.

These digital asset issuers are challenging the status of traditional financial institutions across the board. In terms of tonnage, if leading gold tokens were classified as ETFs, their scale would rank eighth globally. Analysis by Société Générale further confirms that inflows into digital gold tokens ranked second globally in December last year, only behind the industry benchmark SPDR Gold Shares. Digital funds react particularly swiftly during periods of high market volatility. For instance, following a significant gold price pullback on January 30, a major digital asset firm quickly purchased 11 metric tons of gold to replenish positions. This "buy-the-dip" strategy substantially offset selling pressure from some hedge funds, serving as a key stabilizing force for the market at month-end.

In summary, the rise of digital gold tokens is becoming an undeniable new variable influencing international gold prices. Moneta Markets believes that while hedge fund positions still dominate short-term price fluctuations, the long-term holding tendencies and stable capital inflows demonstrated by digital asset issuers are building a more resilient foundation for the gold market. Looking ahead, as more institutional investors incorporate digital gold into their core asset allocations, the boundaries between traditional ETFs and digital tokens will further blur, potentially leading to new characteristics in market volatility.