80% of Bitcoin addresses are “in the black” at $34,000, while BTC’s price still trades 50% below its own all-time highs.
Bitcoin has more wallet addresses in profit than ever before despite BTC’s price being 50% below all-time highs. The latest data from on-chain analytics firm Glassnode shows a record number of addresses “in the black.”
Bitcoin may be nearing 18-month highs, but its recent gains were already enough to spark significant changes in investor profitability.
Per Glassnode data, the number of addresses in profit as of Oct. 30 was 39.1 million. This is the highest number ever recorded for Bitcoin and beats the previous peak of 38.1 million seen in November 2021.
At that time, BTC/USD itself traded at all-time highs, and thus 100% of addresses in existence with a non-zero balance were in profit. While the current spot price remains 50% lower than those levels, total non-zero addresses now number 48.3 million.
In percentage terms, in-profit addresses have yet to match their performance in absolute numbers but are nevertheless at 18-month highs of 81.1%. The tally has gone from 60% to 80% over the past two months, Glassnode additionally shows.
Telegram Trading Tool Unibot Suffers Exploit
Unibot, a well-known Telegram bot for Uniswap trading, suffered an approval vulnerability on Tuesday, resulting in a loss of tokens valued above $600,000.
A newly deployed contract was compromised, leading to the loss of several meme coins belonging to users. The firm pinpointed the problem as a “token approval exploit” from its new router, which led them to momentarily halt the router to address the issue.
PeckShield initially detected the exploit, revealing that the attacker transferred the stolen tokens to Uniswap and moved the funds to crypto mixer Tornado Cash.
The attacker appears to have exchanged the tokens for about 355.75 ETH, equal to around $640,000, according to the blockchain security firm.
Sam Bankman-Fried’s Stand Summary in His Trial
Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the companies’ explosive growth.
Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of use covered transactions between Alameda and the crypto exchange.
Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.
