According to Cryptoslate, the exchanges started the year with just under $2.8 million in BTC and closed the year with roughly $2.25 million, a decrease of nearly 20%.
According to Glassnode statistics studied by CryptoSlate, 450,000 Bitcoin (BTC) kept on an exchange or in a hot wallet before 2022 have been moved to cold storage during the course of the year.
Black swan occurrences have been common in the market during the previous 12 months, and as a result, exchange reserves for around 550,000 BTC have been exhausted, claims Cryptoslate. These reserves suffered many times from major size losses. As an illustration, Binance lost 90,000 BTC in seven days in December, FTX lost 70,000 BTC in two weeks, and Coinbase lost 200,000 BTC in four days in November.
According to Cryptoslate, the exchanges started the year with just under $2.8 million in BTC and closed the year with roughly $2.25 million, a decrease of nearly 20%. The exchanges’ current BTC reserves are less than 12% of the entire Bitcoin supply.
As only 550,000 BTC actually left the exchanges during 2022, it may be stated that the remaining 450,000 BTC were moved from exchanges or hot wallets to cold storage in 2021 and the years prior.
