Glassnode: 78% of BTC moved from exchanges to cold storage
Over the past 6 months, several events have occurred in the market, which led to the fact that about 550,000 BTC were withdrawn from exchange accounts by users and transferred to cold storage. According to the analytical company Glassnode, the cryptocurrency exchange Binance, which lost more than 90,000 BTC, became the leaders in the withdrawal of bitcoins. About 200,000 BTC were withdrawn from Coinbase, and the FTX exchange lost over 70,000 BTC before blocking all transactions by the judiciary.
As of the end of December, the current BTC reserves held on exchanges represent less than 22% of the total BTC supply. Glassnode analysts note that in January, OTC storage of BTC was recorded at about 14 million units, but as of December it exceeded 15 million. This confirms the conclusions of experts that 78% of working capital in BTC is stored in cold wallets.
