PANews reported on November 9th that, according to Cryptoslate, in response to a chart shared by Charles Edwards, co-founder of Capriole Investments, on the X platform, suggesting that Bitcoin OGs (Original Gold Holders) are cashing out , on-chain analyst Willy Woo tweeted that every move by OGs should not be interpreted as a sell-off. He pointed out three key points that are often mistaken for sales but may be unrelated to price-driven liquidation:

• Address upgrade: Many OG holders are moving their tokens from traditional addresses to Taproot addresses for security (not for cashing out).
• Custody rotation: Tokens may be transferred to institutional custody (such as Sygnum Bank) to better protect against physical theft and lockpicking attacks, or used as collateral for lending without having to be sold.
• Participating Treasury: Some “OG” tokens are being transferred to equity packaging companies or treasury companies, enabling holders to leverage, borrow, or optimize their holdings without triggering taxable sales.

Woo points out that on-chain data only shows the "transfer" of tokens and cannot reflect the true intentions behind the transactions. Therefore, although the charts show that Bitcoin leaders are "selling," the resilience shown by the price during this large-scale sell-off highlights the market's absorption capacity.