Bullish leverage on Bitfinex continues to rise even as bitcoin remains under pressure, pushing margin long positions to levels not seen in nearly two years.
Margin long exposure on the exchange has climbed to roughly 77,100 BTC, the highest since December 2023, when bitcoin was trading near $40,000, according to TradingView data. The buildup comes as bitcoin slipped below $69,000 for the first time since November 2024.
Over the past six months, margin longs have increased by about 64%, while bitcoin has fallen nearly 50% from its October peak. The divergence suggests continued accumulation during the pullback, potentially by a large market participant adding exposure into weakness.
Historically, Bitfinex margin long positioning has acted as a contrarian signal. Long exposure typically expands during periods of market stress and contracts as prices recover.
At prior cycle lows, margin longs were elevated as prices stabilized and formed bottoms. Similar behavior was observed during the FTX collapse in November 2022, the August 2024 carry-trade unwind, and the “tariff tantrum” in April 2025.
The latest surge in leveraged longs coincides with bitcoin being on track for a fifth consecutive monthly decline. While the steady buildup points to aggressive dip buying, the continued rise in leverage may indicate that the market has yet to find a clear price floor.
