According to data from CryptoQuant analyst Darkfost, Binance’s gold-backed tokenized product has recorded more than $8 billion in cumulative spot trading volume since its launch. Excluding the initial trading spike after launch, trading volume exceeded $325 million over the past seven days, setting a new record for the period. Daily volume reached $78 million on November 5. Darkfost noted that trading activity in tokenized gold has picked up as gold prices have pulled back and the crypto market has weakened, but rising volume alone does not prove that investors are accumulating gold.