Bullish bitcoin plays on Bitfinex swell to highest since early 2024

The number of bullish bitcoin BTC$68,960.76 bets raised with borrowed funds continues to rise on Bitfinex, one of the oldest cryptocurrency exchanges.

The so-called margin long positions have risen to roughly 72,700 BTC, the highest since February 2024, according to data source TradingView. The tally has increased from around 55,000 BTC since October, indicating a persistent dip buying operation throughout the price slide to $89,000 from over $126,000. At one point in November, prices hit a low of nearly $80,000 on some exchanges.

The buildup in long exposure highlights confidence among traders even as bitcoin is on track for three consecutive monthly declines, a pattern not seen since mid 2022, during the bear market.

Interestingly, the number of bullish 'margin long' bets on Bitfinex has historically been a contrary indicator for the market. These positions typically peak when the market is struggling and then dry up just as a new uptrend begins to take hold.

In past cycles, a sustained decline in margin longs has coincided with market bottoms or the early stages of a recovery. This pattern was strikingly evident during the August 2024 yen carry trade unwind, when bitcoin bottomed out at around $49,000, coinciding with a sharp reduction in leveraged bets.

A similar dynamic unfolded during the tariff-driven sell-off in April 2025; as prices dipped toward $75,000, the decline in margin longs once again signaled that the weakest hands had been shaken out, setting the stage for a subsequent bounce.

For now, the continued increase in leverage suggests that BTC prices are yet to find a bottom.