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According to Glassnode data reviewed by CryptoSlate, 450,000 Bitcoins (BTC) held on an exchange or in a hot wallet before 2022 were transferred to cold storage during the year.
According to Cryptoslate, black swan events have occurred frequently in the market over the past 12 months, and as a result, FX reserves of approximately 550,000 BTC have been depleted. These reserves have lost significant amounts of their size on several occasions. For example, in December Binance lost 90,000 BTC in seven days, FTX lost 70,000 BTC in two weeks, and in November Coinbase lost 200,000 BTC in four days.
Cryptoslate further noted that exchanges had just under $2.8 million in BTC at the start of the year and ended up with around $2.25 million, down about 20%. Less than 12% of Bitcoin’s total supply is represented by current BTC reserves on exchanges.
The remaining 450,000 BTC can be said to have moved from exchanges or hot wallets to cold storage in 2021 and prior years, as only 550,000 BTC actually left exchanges throughout 2022.
(With information from Cryptoslate)
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