Bullish Bitcoin (BTC) Plays on Bitfinex Swell to Highest Since Early 2024
CoinDesk
Bullish margin long positions on Bitfinex have reached their highest level since early 2024, signaling strong trader conviction despite recent Bitcoin price declines.Summary
Margin long positions on the Bitfinex exchange, representing bullish bets funded by borrowed money, have increased to approximately 72,700 BTC, marking the highest level seen since February 2024. This sustained increase, rising from about 55,000 BTC since October, suggests traders are actively buying the dip despite Bitcoin facing three consecutive monthly declines. Historically, a high concentration of margin longs on Bitfinex has acted as a contrary indicator, often peaking when the market is struggling and subsequently declining just as a new uptrend begins. However, the current sustained growth in leverage implies that Bitcoin prices may not have found a definitive bottom yet.
(Source：CoinDesk)