Soaking them is what activates the oxygen absorbing magic. It actually takes a week for them to do their job on the bottle.
On Basic brewing James Spencer contacted the maker of Oxygen Absorbing Caps (Crown Beverage), and actually recommended you santize them quickly, evidently the "Oxygen Absorbing Effect" of the caps is not immediate and they need to be wet for a period of time before the magic happens,
like days.
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It's within the first few minutes of the podcast. Right after the opening and announcements.
They recommend sanitizing ONLY the caps you are using, and sanitizing just before bottling. But you do need to wet them, and it's probably the smartest idea to go and do it,
with the sanitizer