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$BTC Here’s What’s Driving the Current Bitcoin (BTC) Correction, According to On-Chain Analyst Willy Woo

Woo tells his 1.1 million followers on the social media platform X that Bitcoin OGs, or early, long-term BTC holders, are heavily unloading their stacks.

The analyst shares a chart showing that BTC’s coin days destroyed metric is on a steep rise, suggesting that long-dormant coins are moving, possibly to crypto exchanges where they could be sold on the open market.

While long-term holders offload some of their Bitcoin, Woo says that the selling is being exacerbated by the futures markets or what he calls paper BTC.