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Bitcoin’s increasing leveraged positions indicate ongoing buying interest, though it may not yet suggest a price bottom.
Bitfinex margin longs reach a two-year peak as bitcoin drops below $69k.
BTCUSD Longs Bitfinex (TradingView)
Key points:
- Bitfinex margin long positions have increased to approximately 77,100 BTC, marking a 64% rise over the last six months.
- The ongoing growth in leveraged longs has typically coincided with market turbulence, but also indicates that a definitive price bottom has not yet been established.
- Bitcoin’s price has dipped below $69,000.
Increasing bullish positions on bitcoin leveraged with borrowed funds are evident on Bitfinex, one of the longest-standing cryptocurrency exchanges, even as the asset’s value continues to decline.
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Long margin positions have risen to around 77,100 BTC, the most significant level since December 2023, when bitcoin was trading near $40,000, as per TradingView data.
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Over the past six months, margin longs have increased by 64%, while bitcoin has experienced a nearly 50% decrease from its peak in October. This trend suggests that a significant holder, commonly known as a whale, is persistently buying into the downturn, as bitcoin has fallen below $69,000 for the first time since November 2024.
Historically, Bitfinex margin long positions have served as a contrarian indicator. This position tends to expand during market stress and contract when prices rise.
At previous cycle lows, margin long exposures were maintained at peak levels as prices reached their lowest point. This pattern was observed around the FTX collapse in November 2022, during the August 2024 “carry-trade” unwind, and most recently during the “tariff tantrum” in April 2025.
The current increase in margin longs aligns with bitcoin’s trend toward five consecutive monthly declines. However, the ongoing growth of these positions may indicate that bitcoin has not yet located a clear price bottom.
