How do exchanges use cold bitcoin wallet while still able to automate transfers?

How do exchanges use cold bitcoin wallet while still able to automate transfers?

Some exchanges mentions they use a cold wallet to keep the private key. As far as I understand cold wallet is a wallet either in an offline machine or kept in hardware.

However, it appears that transfers can still be made online on these exchanges and the underlying system will automate the signing of transaction.

How do exchanges able to maintain a cold wallet while still able to automate the process? Is it by setting up local network with limited access or by other means?

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