Analyst Willy Woo: Not every activity by Bitcoin OGs is a sell-off—three common misconceptions about sell-offs According to Cryptoslate, in response to a chart shared by Capriole Investments co-founder Charles Edwards on X, which suggested 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 activities often misunderstood as sell-offs but may not be related to price-driven liquidation: Address upgrades: Many OG holders are transferring tokens from traditional addresses to Taproot addresses for enhanced security (not for cashing out). Custody rotation: Tokens may be moved to institutional custody (e.g., Sygnum Bank) to better protect against physical theft and lock-picking attacks, or to be used as collateral for loans without selling. Treasury participation: Some "OG" tokens are being transferred to equity-wrapped companies or treasury firms, enabling holders to leverage, borrow, or optimize their positions without triggering taxable sales. Woo emphasized that on-chain data only shows token "transfers" and cannot reflect the true intentions behind transactions. Thus, while the chart suggests Bitcoin OGs are "selling off," the resilience shown by prices during this large-scale sell-off highlights the market's absorption capacity.