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
BTC Short-term Decline of 0.61%: Support Level Breakdown and Leveraged Liquidations Drive Cascading Price Decline
Between 2026-03-16 08:30 and 08:45 (UTC), BTC experienced significant price movement, with a 15-minute return rate of -0.61%. The price range was 72903.3 to 73366.4 USDT, with a volatility amplitude of 0.63%. This short-cycle decline was at the upper limit of normal price fluctuations, drawing market attention and indicating increased market volatility and heightened trading activity.
The primary driver of this price movement was BTC breaking through a key short-term support level, which triggered technical stop-loss orders and accelerated a chain reaction of selling pressure that further drove prices lower.
GateNews20m ago
Avalanche Hits Key Resistance – Is AVAX Headed Toward $8.25?
AVAX struggles at $9.77 resistance, signaling potential downward movement toward support.
Strong selling pressure dominates, supported by spot outflows and derivative short positions.
A drop to $8.25 could occur if resistance holds and buyers fail to push higher.
Avalanche — AVAX, has
CryptoNewsLand26m ago
DeFiance Capital Founder: Going long on cryptocurrencies and shorting stocks trading strategies may be attractive, as USDC supply returns to a historical high
DeFiance Capital founder Arthur believes that the current stock market is priced too optimistically, and market shifts will accelerate adjustments. He thinks that Bitcoin and crypto assets present opportunities to perform amid uncertainty, and recommends a "long crypto, short stocks or high-yield bonds" strategy. Additionally, he mentioned that USDC supply has rebounded to historical highs, which may drive CRCL growth.
GateNews28m ago
Dogecoin (DOGE) Erases Zero as Price Rallies 11% - U.Today
Dogecoin (DOGE) has risen 11% in a week, surpassing the $0.10 mark due to short liquidations and increased whale purchases. The potential to breach the $0.105 resistance could lead to further gains. Market dynamics remain crucial for DOGE's future.
UToday33m ago
Analysts: Oil prices are returning to the mean from overbought levels, Bitcoin is returning to the mean from local oversold levels
Gate News reported that on March 16, in response to community users asking why oil prices have recently declined while Bitcoin prices have surged parabolically, crypto analyst Willy Woo responded that current oil prices are reverting to the mean from a previously overbought state, while Bitcoin is experiencing mean reversion from a locally oversold level. Willy Woo stated that this change is mainly a short-term technical adjustment and "should not be over-interpreted."
GateNews37m ago
Trader Eugene: Switched to long positions, multiple altcoins showing arc bottom formations
Trader Eugene Ng Ah Sio stated on March 16 that he would shift to a long position, believing that despite weakening global risk assets, the crypto market is performing strongly. He pointed out that the probability of a short-term rally is high and expects Bitcoin breaking through $74,000 to drive a market-wide recovery.
GateNews1h ago
