Recently, a very interesting phenomenon has been observed—the operational logic of big players completely mirrors the current market capital rotation characteristics.

Here's a brief overview of the current situation: The cryptocurrency market is under pressure and undergoing a correction. Mainstream coins like Bitcoin and Ethereum are facing correction pressures, needing to digest high leverage positions and macro uncertainties. At the same time, the US stock technology/growth sectors are also under pressure because they essentially belong to the same asset class—high Beta, high volatility risk assets—especially sensitive to changes in interest rate expectations. In contrast, traditional inflation-hedging assets like gold are breaking historical highs, becoming a "safe haven" for market risk avoidance.

This whale's operations particularly illustrate the point. He has already taken profits on gold (PAXG)—a 36% increase, with some profits already realized. Interestingly, he is not completely bearish. He still maintains a 10x leveraged long position on the Nasdaq 100 index and copper, despite significant unrealized losses at the moment. This move indicates that he is actually waiting—for a rebound opportunity in these high-risk assets after their correction.

From this, several market signals can be seen. First, the divergence between gold and risk assets is actually a healthy sign. This is not a full-blown panic flight but a rational reallocation of funds. As long as there is flow, it indicates no signs of systemic risk. Second, leverage remains a key variable. High leverage positions determine the market's vulnerability and also influence the strength of subsequent rebounds. The market is digesting these pressures; the correction is not the end but a preparation for a rebound.