Despite continued price declines, bullish Bitcoin bets funded with borrowed funds are increasing on Bitfinex, one of the oldest cryptocurrency exchanges.
According to TradingView data, margin long positions have climbed to approximately 77,100 BTC, the highest level since December 2023, when Bitcoin was trading near $40,000.
Margin longs have increased by 64% in the past six months, while Bitcoin is down nearly 50% from its all-time high in October. This suggests that large holders, often referred to as whales, are continuing to buy into the pullback, which has seen Bitcoin fall below $69,000 for the first time since November 2024.
Historically, Bitfinex margin long positions have acted as a contrarian indicator. Positions tend to expand during times of market stress and shrink during times of rising prices.
At previous cycle lows, margin long positions remained close to peak levels as prices bottomed. This behavior was evident during the November 2022 FTX crash, the August 2024 “carry trade” unwinding, and most recently, the April 2025 “tariff scare.”
The current increase in margin longs coincides with Bitcoin’s fifth straight month of declines. However, as positions continue to grow, this could be a sign that Bitcoin has yet to find a clear price bottom.