How do liquidity and market depth differ between crypto metals and physical metals?

[chainsniff]

On-chain gold tokens like PAXG or XAUT offer 24/7 trading across multiple DEXs and centralized exchanges. Physical metals rely on OTC desks, futures contracts, or bullion dealers, which are slower and limited to trading hours. Crypto liquidity can spike or vanish with DeFi events, requiring active monitoring.

[jacson4]

Crypto metals enjoy 24/7 liquidity but can face sudden depth drops during volatility.

[kelson10]

Physical markets move slower but remain stable with institutional-scale liquidity.