An on-chain analysis has revealed that address 0x535…e8625 accumulated 3,824.73 PAXG tokens in February at an average price of $5,030.39 each, valued at a total of $19.23 million. Over the past three hours, the address began liquidating these holdings in batches, realizing a profit of approximately $1.275 million. This indicates active trading strategies around the gold-backed cryptocurrency PAXG within a short timeframe.