A recent move by a major whale reveals a subtle shift in market sentiment. This player initially allocated $42.42 million at the beginning of the year to both digital gold and physical gold, but after Bitcoin's recent rebound, his strategy has undergone a noticeable adjustment.

Specifically, at the end of October, he bought 264.8 WBTC at a cost of $113,262 each (totaling $24.85 million), intending to hold long-term. However, after Bitcoin's price increased, he hurriedly sold off his position. This stop-loss operation resulted in a loss of $5.15 million, and the WBTC has already been transferred to a wallet of a major exchange.

Interestingly, this whale's attitude toward gold is completely different. His holdings of XAUt and PAXG (gold tokens) are worth a total of $13.49 million, with an average cost of $4,239 per coin, and an unrealized profit of $1.07 million. Although the gains are modest, he chooses to hold on and not follow the trend of selling.

This operation, to some extent, reflects the differing attitudes of market participants toward risk assets and safe-haven assets — in the face of short-term volatility, the patience to hold digital assets appears to be significantly more fragile.