 
 
Recent on-chain data has sparked debate after new analysis from Capriole Investments founder Charles Edwards suggested that long-term Bitcoin holders, known as “OG whales,” are cashing out in large numbers.
According to Edwards, the chart tracks on-chain spends from addresses that have been inactive for more than seven years, showing multiple transactions of $100 million and $500 million from pre-2018 wallets.
However, not everyone shares the sentiment that these movements are evidence of mass selling.
On-chain expert Willy Woo responded by explaining that what’s being interpreted as “OG dumps” often reflects other activities unrelated to liquidation. Bitcoin being moved from an address “that has been untouched for 7 years” doesn’t always mean it’s being sold.
He outlined several scenarios that could be misread as sell-offs. Some of these include moves to Taproot addresses for quantum safety, custody rotations with institutions like Sygnum Bank, and transfers to treasury entities where OGs post their holdings as collateral or equity.
 
Many early holders, now managing substantial wealth, are turning to regulated custody or asset-wrapping structures that improve security and compliance rather than signaling a loss of conviction. Woo noted that such repositioning often strengthens Bitcoin’s institutional integration rather than weakening it.
At the time of writing, the market has shown signs of resilience. Data from CoinMarketCap shows Bitcoin trades at $94,157, down 2.10% in the past 24 hours, while the global crypto market cap sits at $3.19 trillion, dropping over 3%.
The Fear & Greed Index remains in the “Fear” zone at 18, but Bitcoin dominance has climbed slightly to 59.28%.
While the 7-day SMA is currently below the price, the 200-day EMA remains higher at around $108,500, indicating potential resistance ahead. RSI readings near 45 suggest neutral momentum, while MACD levels still lean bearish.
