Interesting on-chain activity has been discovered. A whale address that previously held both "digital gold" and physical gold recently made a decision—liquidating its WBTC position. This address bought 264.8 WBTC at an average price of $113,262 in late October, spending approximately $24.85 million. It has now transferred all holdings to a major exchange, resulting in a loss of $5.15 million in this round of operations.

Interestingly, although the WBTC has been cleared, this address has not completely abandoned the "gold" concept. It still holds gold-related assets worth $13.49 million (XAUt and PAXG), with an average cost basis of about $4,239, and an unrealized profit of $1.07 million. It seems this whale truly has confidence in the gold asset class, but is less optimistic about Bitcoin's prospects at the current price level.