450K BTC moved to cold storage in 2022

Glassnode data analyzed by CryptoSlate shows that 450,000 Bitcoin (BTC) held on an exchange or a hot wallet before 2022 have been moved to cold storage throughout the year.

In the last 12 months, the market has seen multiple black swan events that led to around 550,000 BTC abandoning exchanges’ reserves. On more than one occasion, these reserves shrunk in big chunks. Binance, for example, lost 90,000 BTC in seven days in Dec, FTX lost 70,000 BTC in two weeks in June, and finally, Coinbase lost 200,000 BTC within four days in November.