Former Credit Suisse CIO: tokenized gold bears' almost 100% price discovery 'during CME weekend closure Odaily Planet Daily News: Iggy Ioppe, former Chief Investment Officer of Credit Suisse, stated that during the period when CME Group gold futures closed at 17:00 (Eastern Time) on Friday and reopened at 18:00 on Sunday, almost all visible gold price formation occurred in the on chain market. He pointed out that during this time window, regulated futures markets were suspended from trading, and over-the-counter (OTC) trading in Asia was active but not transparent, making tokenized gold assets such as PAX Gold (PAXG) and Tether Gold (XAUt) the only continuously tradable open markets. From the publicly visible price formation, the on chain market bears almost 100% of the weekend price discovery. When CME resumes trading, futures prices usually align with the fluctuations that have occurred in the on chain market. Data shows that the market value of tokenized gold has risen to $4.4 billion, with an increase of approximately $2.8 billion in the past year, a growth rate of 177%, far exceeding the performance of most spot gold ETFs. The annual trading volume in 2025 is approximately $178 billion, with a peak of over $126 billion in the fourth quarter, second only to SPDR Gold Shares in terms of trading volume. Against the backdrop of the US Israel airstrikes on Iran and the escalation of geopolitical tensions on Saturday, tokenized gold briefly rose, with XAUt briefly breaking through $5450 and PAXG approaching $5536, while Bitcoin and Ethereum fell simultaneously. The current main participants include market makers, cross market liquidity providers, and cryptocurrency native macro traders who use tokenized gold for arbitrage, collateralization, hedging, and profit strategies. Some institutions also pay attention to the trend of gold on the chain over the weekend to assess the "gap risk" before the opening of CME, but mostly regard it as a reference signal rather than a direct basis for building positions.