Bitcoin (BTC), the leading cryptocurrency, is expected to remain below the critical level of $100,000 in the final days of 2025.
While BTC remains stuck between $85,000 and $90,000, long BTC margin positions on Bitfinex have reached their highest level since early 2024.
Bitcoin margin long positions on the Bitfinex exchange have reached their highest level since early 2024, according to Coindesk.
According to the data, the total number of positions is currently around 72,700 BTC, a significant increase from the around 55,000 BTC level in early October.
This level is similar to the period just before BTC peaked at $73,000 in March last year.
This situation shows that during the period when the price of Bitcoin fell from over $126,000 to $89,000, there was an increase in buying activity and continued purchases, with investors viewing the decline as a buying opportunity.
However, analysts who have studied past cycles have found that long positions on Bitfinex often act as a counterintuitive indicator.
Historically, the real bottom of the market occurs when long positions on Bitfinex reach a peak and then decline significantly. Historical data shows that these long positions typically peak when the market is under pressure and quickly decline when a new uptrend begins.
In this context, in past cycles, continued declines in leveraged long positions have coincided with market lows or early stages of recovery.
According to this model, during the unwinding process of the yen carry trade in August 2024, Bitcoin bottomed out at around $49,000, which coincided with a sharp decline in Bitfinex’s leveraged long positions.
A similar pattern was observed during the April 2025 tariff-induced decline. Leveraged long positions declined as BTC price bottomed at $75,000.
These events suggest a bottom for long Bitcoin positions, but such a bottom signal has not yet materialized.
Although investors are hoping for an end to the downward trend that has continued since October, the continued increase in leveraged trading suggests that BTC price has not yet reached the bottom yet.
*This is not investment advice.