According to reports from Cryptoslate on November 9, regarding the chart shared by Charles Edwards, co-founder of Capriole Investments, on the X platform, indicating that Bitcoin OGs are cashing out. On-chain analyst Willy Woo tweeted that not every move by OGs should be interpreted as a sell-off. He highlighted three key points often misunderstood as sales but potentially unrelated to price-driven liquidations:
Address upgrade: Many OG holders are transferring tokens from traditional addresses to Taproot addresses for security reasons (not for cashing out).
Custody rotation: Tokens may be transferred to institutional custody (e.g., Sygnum Bank) to better prevent physical theft and lock-picking attacks, or used as collateral for lending without selling.
Participation in national treasuries: Some “OG” tokens are being moved to equity packaging companies or treasury firms, allowing holders to leverage, borrow, or optimize their holdings without triggering taxable sales.
Woo pointed out that on-chain data only shows token “transfers” and cannot reflect the true intent behind transactions. Therefore, although the chart suggests Bitcoin veterans are “selling,” the resilience shown by prices during this large-scale sell-off highlights the market’s absorption capacity.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XRP Rises 4% as Ripple Partnership and ETF Inflows Drive Recovery
XRP rose 4% to $1.41, boosted by Ripple's partnership with Kyobo Life and increasing institutional interest. Broader market gains and positive community engagement also contributed, though XRP remains 63% below its peak. Key support is at $1.38.
GateNews6h ago
ETH/BTC ratio rebounds—are institutional funds rotating? A deep dive into structural signals in the crypto market
BTC breaks through $75,000; the Iran–Israel ceasefire and fresh highs in U.S. stocks lift risk assets, but the options market remains somewhat cautious. The ETH/BTC ratio rebounds, signaling capital rotation.
GateInstantTrends7h ago
Crypto Market Rebounds 1.5% to $2.54T as Bitcoin Leads Rally Amid Tech Surge and Policy Progress
The crypto market rebounded 1.5% to $2.54 trillion, led by Bitcoin's 7% gain amid easing geopolitical tensions and strong ETF inflows. Analysts predict further gains if Bitcoin surpasses $76K resistance.
GateNews7h ago
Bitcoin bull market index rises to 40 points; Bloomberg: the U.S. and Iran are considering extending the ceasefire agreement by two weeks
Bitcoin’s price as of April 16 is approaching $74,700. The Bullish Sentiment Index (BSI) has risen to 40 points, indicating a rebound in market sentiment. The United States and Iran are evaluating options to extend the current ceasefire agreement, and they are also discussing navigation issues in the Strait of Hormuz, as diplomatic negotiations continue.
MarketWhisper13h ago
Bitcoin holds steady at 74K, and FOMO sentiment is heating up as U.S. stocks hit a record high
Benefiting from positive news about the U.S.-Iran peace agreement, the stock market surged sharply, with the Nasdaq index and the S&P 500 index reaching record highs. Bitcoin remained steady at 74K, market sentiment improved, and the Fear & Greed Index rose to 55. Investor FOMO toward the stock market intensified, and the total market capitalization in the crypto market increased overall, indicating genuine buy-side interest.
ChainNewsAbmedia14h ago
