Analyst Willy Woo: Not every time a Bitcoin OG is active is it a sell-off; there are three common misconceptions that are mistaken for selling.

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.