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 Today News: A whale’s holdings have reached a 10-month high as the Ripple conference in Tokyo gets underway
At the XRP Tokyo Conference, Ripple predicts that global on-chain stablecoin transaction volume will exceed $33 trillion in 2026, while large investors continue to withdraw XRP from exchanges, pushing its holdings to a 10-month high. The market is watching regulatory developments, especially the impact of the “CLARITY Act.” In the short term, the XRP price is consolidating between $1.28 and $1.35; if it breaks above $1.35, it may see an upward move.
MarketWhisper12m ago
Gate Daily Report (April 8): Resolv leak impacts treasury liquidity; Fox and Kalshi reach a data partnership
Bitcoin (BTC) has recently rebounded to $71,520, but due to a Resolv USD private key leak, some vault liquidity is insufficient, and Trading Protocol warns users to deposit with caution. Fox and Kalshi have partnered to integrate prediction market data into news programs, demonstrating the importance of data in media. The market is reacting sharply to developments in the Middle East; investors are waiting for Trump’s decisions, which is affecting overall market sentiment.
MarketWhisper29m ago
Why is Bitcoin up today? Iran agrees to a two-week ceasefire, and Iran-U.S. negotiations will begin
U.S. President Trump announced a pause in military action against Iran. Iran accepted the ceasefire proposal, and Bitcoin surged nearly 3% in response. This ceasefire was brokered by Pakistan and will take effect on April 8, helping to ease uncertainty in global energy markets. The durability of the ceasefire still depends on the outcome of further negotiations.
MarketWhisper1h ago
The Crypto Fear and Greed Index rose to 17 today, and the market remains in a state of extreme fear
Gate News message: On April 8, according to Alternative.me data, the crypto Fear and Greed Index rose to 17 today, up from 11 yesterday (April 7), but the market overall is still in a state of “extreme fear.”
GateNews1h ago
