Moving assets in the Editor is very unreliable. References may or may not be fixed up. No direct error is presented or a warning about problems. Any moves of the gameinstance, string table or certain assets will cause failure.
This was reported and tested in 4.24.3 (CL-11590370). This was reproduced in 4.23.1 (CL-9631420), 4.25 Preview 4 (CL-12366721), and Main 4.26 (CL-12386907)
Results: The axe is missing from the character and there will be access errors upon exiting PIE
Expected: Moving assets in the Editor should fix up all references to the assets.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-91315 in the post.