A major investor's recent moves in gold assets are quite interesting—placing a big bet on digital gold while simultaneously deploying physical gold tokens, resulting in a rollercoaster of gains and losses.

Let's start with the WBTC transaction. At the end of October, this whale investor poured about $30 million into it, buying 264.8 WBTC in one go, with an average price of $113,262. It was supposed to be a stable allocation, but now it’s sitting at an unrealized loss of nearly $5.7 million. That’s a bit painful.

On the other hand, looking at XAUt and PAXG, the situation is much more comfortable. Since early October, he invested $12.42 million in these two physical gold tokens, acquiring 2,371.4 XAUt and 559.7 PAXG, with an entry average of $4,239. The current unrealized profit is about $410,000. Although the profit margin isn’t as large as the absolute loss on WBTC, it’s at least positive.

This comparison clearly illustrates the point—both are "gold" concepts, but one is under pressure while the other is steadily rising. The market is voting with real actions; how to choose depends on individual risk preferences.