Bitcoin news: Leveraged long positions on Bitfinex at highest level in two years as prices crash
Bitfinex margin long positions are at a two-year high, suggesting continued dip buying despite Bitcoin's recent price drop below $69k.Summary
Bullish bitcoin bets funded by borrowed money on the Bitfinex exchange are increasing, with margin long positions reaching approximately 77,100 BTC, the highest since December 2023. This 64% rise over six months occurred while Bitcoin fell nearly 50% from its October high, dropping below $69,000, indicating that a large holder, or whale, is actively buying the correction. Historically, Bitfinex margin longs have served as a contrarian indicator, expanding during market stress and peaking near cycle lows, as seen during the FTX collapse and other market downturns. The current surge in leveraged long positions, coinciding with Bitcoin's potential for five straight monthly declines, suggests that while dip buying is strong, the cryptocurrency may not have reached its definitive price bottom yet.
(Source：CoinDesk)