A big whale's recent actions are quite interesting. At the end of October, it spent $30 million to buy 264.8 WBTC, with an average price of $113,262 at the time. As of now, this position has a floating loss of $5.7 million — it seems this purchase was made at a relatively high point.

But this whale clearly hasn't given up. From early October to now, it has continuously invested $12.42 million to allocate into gold assets, including two tokenized gold products, XAUt and PAXG, with a total of 2,371.4 XAUt and 559.7 PAXG purchased.

From an operational logic perspective, this whale appears to be simultaneously deploying digital assets and safe-haven assets — betting on BTC's long-term potential while hedging risk through gold tokens. The current question is whether this strategy can turn around the floating loss in the BTC position in the upcoming market.