Former Credit Suisse CIO: Tokenized gold assumes "almost 100% price discovery" during CME market closure over the weekend
According to Cointelegraph, former Credit Suisse Chief Investment Officer Iggy Ioppe stated that during the period when CME Group's gold futures closed on Friday at 5:00 PM (Eastern Time) and reopened on Sunday at 6:00 PM, nearly all publicly visible gold price formation occurred in the on-chain market.
He pointed out that during this time window, the regulated futures market was paused, and while there was some activity in the over-the-counter (OTC) market in Asia, it was not publicly transparent. Therefore, tokenized gold assets such as PAX Gold (PAXG) and Tether Gold (XAUt) became the only continuously tradable public market.
"From the perspective of publicly visible price formation, the on-chain market accounted for almost 100% of weekend price discovery." When CME resumes trading, futures prices typically align with the fluctuations that have occurred in the on-chain market.
Data shows that the market capitalization of tokenized gold has risen to $4.4 billion, with approximately $2.8 billion added in the past year, an increase of 177%, far exceeding the performance of most spot gold ETFs. The total trading volume for 2025 is about $178 billion, with a peak of over $126 billion in the fourth quarter alone, making it second only to SPDR Gold Shares in terms of trading volume.
On Saturday, amid airstrikes by the U.S. against Iran and escalating geopolitical tensions, tokenized gold briefly rose, with XAUt surpassing $5,450 and PAXG nearing $5,536, while Bitcoin and Ethereum fell in tandem.
Current major participants include market makers, cross-market liquidity providers, and crypto-native macro traders who use tokenized gold for arbitrage, collateral, hedging, and yield strategies. Some institutions also monitor weekend on-chain gold trends to assess the "gap risk" before CME opens, but they often regard it as a reference signal rather than a direct basis for building positions.
You may also like

Atkins Marks One-Year Anniversary at SEC: Crypto Regulation Shifts from ‘Enforcement Heavy’ to ‘Rulemaking Mode’

Under Political Pressure, Is the Federal Reserve Still Independent?

Yellen's Past Remarks: How Will This Incoming "Fed Chair" Disrupt the Federal Reserve? Janet Yellen, who is expected to become the next Chair of the Federal Reserve, has made several significant statements in the past regarding monetary policy, financ...

ZachXBT vs. RAVE: Is a “Clean” Market Really What Speculators Want?

Arbitrum Poses as Hacker, 'Steals' Back Money Lost by KelpDAO

Without Cook's Apple, Can it Still Grow in the AI Era?

Saylor's Bitcoin Holdings Surpass BlackRock, How Does This "Bitcoin Financing Machine" STRC Work?

What Is RWA? What Is RWA in Crypto (Complete 2026 Guide)
Wondering what is RWA in crypto? We explain what RWA is, break down RWA tokenization in simple no-jargon terms, and cover why it's 2026's hottest crypto narrative.

What Is the KelpDAO Attack? What It Means for Aave Users in 2026
KelpDAO suffered a $292M rsETH exploit on April 18, 2026, triggering Aave market freezes and $13B DeFi outflows. Here’s what happened, whether Aave is safe now, and what users should do next.

Is your gold really "within reach"? The geographical blind spots of custodial services behind tokenized gold

Cook Passes the Baton, Anthropic Gears Up | Rewire News Morning Brief

Will the Fed Cut Interest Rates Again? Tonight's Data Is Key

The person taking over Apple has to do something he has never done before

Why Are You Always Losing Money on Polymarket? Because You're Betting on News, While The Rulebook Favors Insiders

Not a Price Hike, but a Supply Shortage? Oil Price Has Crossed the Threshold

a16z: 5 Ways Blockchain Helps AI Agent Infrastructure

Morning News | The Hong Kong Securities and Futures Commission announced the regulatory framework for secondary market trading of tokenized investment products; Strategy increased its holdings by 34,164 bitcoins last week; KAIO completed a strategic fi...

What Is an XRP Wallet? The Best Wallets to Store XRP (2026 Updated)
An XRP wallet lets you safely store, send, and receive XRP on the XRP Ledger. Learn what wallets support XRP and discover the best XRP wallets for beginners and long-term holders in 2026.




