BTC Flees Exchanges: ETFs, Treasuries, and Tolstoy’s Wit
In November 2022, a month of reckoning, over 325,000 BTC were spirited away from the exchanges, as if investors, suddenly enlightened, realized the folly of trusting their treasures to the hands of others. The result? A paltry 2.7 million BTC remain, a sum that would once have been deemed vast, but now seems but a pittance. Binance, that titan of the crypto world, holds a mere 20% of this remnant, while Coinbase Advanced, a haven for the professional gambler, boasts nearly 800,000 BTC-a figure that, alas, is 200,000 less than its former glory in July 2025.



