bullish bitcoin numbers BTC$89,790.13 Bitfinex, one of the oldest cryptocurrency exchanges, continues to see an increase in stakes raised with borrowed funds.
So-called margin long positions rose to around 72,700 BTC, the highest level since February 2024, according to data source TradingView. This total is up from around 55,000 BTC since October, indicating sustained bullish buying operations throughout the price’s fall from over $126,000 to $89,000. At one point in November, the price reached a low of nearly $80,000 on some exchanges.
Despite Bitcoin being on a downward trajectory for three straight months, the accumulation of long exposures highlights confidence among traders, a pattern not seen since the bear market in mid-2022.
Interestingly, the number of bullish “margin long” bets on Bitfinex has historically been an adverse indicator for the market. These positions typically peak when the market is struggling and then deplete just as a new uptrend begins to take hold.
In past cycles, continued declines in margin longs have coincided with market bottoms or early stages of recovery. This pattern was evident during the unwinding of the yen carry trade in August 2024, when Bitcoin bottomed at around $49,000, coinciding with a sharp decline in leveraged bets.
A similar dynamic played out during the April 2025 tariff-driven crash. As the price fell towards $75,000, the decline in margin longs once again signaled that the weakest hands were shaken out, setting the stage for a subsequent rebound.
For now, the continued increase in leverage suggests that BTC price has not found the bottom yet.