Archive old index and compress it further to decrease the size of index?

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Hi all
Currently in my cluster i have been logging more than 20TB of log file, i was wondering if there is any way to somehow archive those old index in to some where that could help me decrease the size of it to store it since i cannot keep asking for more hardware.
I have been looking in to hot cold architecture but it does not solve my problems of decreasing the size of index.
I have use the best_compression codec to compress the data and it does not help much.

Thanks for your time.

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