Bitcoin OG Whales Sell-Off Accelerates as Long-Term Holders Exit, On-Chain Data Signals Large-Scale Cash-Out

COINOTAG News, November 9, highlighted remarks from Charles Edwards, founder of the crypto quant fund Capriole Investments, about current on-chain signals in Bitcoin. The analysis targets veteran holders—addresses that entered the market before 2018 and have sustained ownership for more than seven years—to gauge distribution patterns.

Edwards explains a color-coded chart where orange marks sell-off amounts at the $100 million level for OG Bitcoin, and red indicates the $500 million tier. The 2025 visualization appears unusually rich, suggesting larger-scale exit activity by OG whales based on the observed on-chain transactions.

While the note provides actionable context for traders and risk managers, analysts caution that on-chain indicators should be interpreted alongside liquidity dynamics and macro conditions. The commentary is drawn from publicly shared data and aims to inform rather than forecast imminent price moves.