Bullish leverage on Bitfinex continues to expand, signaling strong trader conviction even as bitcoin remains under pressure.
TradingView data show margin long positions — leveraged bets on higher bitcoin prices — have climbed to about 72,700 BTC, the highest level since February 2024. The total has risen steadily from roughly 55,000 BTC in October.
The increase points to sustained dip-buying as bitcoin slid to around $89,000 from highs above $126,000. During the sell-off, prices briefly fell to nearly $80,000 on some exchanges in November.
The buildup in leverage comes despite bitcoin being on track for a third straight monthly decline, a streak last seen during the 2022 bear market.
Historically, elevated margin long positioning on Bitfinex has tended to act as a contrarian signal. These leveraged bets often peak during periods of market stress and unwind just as prices begin to recover.
Previous cycles show that prolonged declines in margin longs have coincided with market bottoms or the early stages of a rebound. This relationship was especially evident during the August 2024 yen carry trade unwind, when bitcoin bottomed near $49,000 as leveraged exposure fell sharply.
A similar pattern emerged during the tariff-driven sell-off in April 2025. As prices dipped toward $75,000, margin longs declined, indicating that weaker hands had exited and setting the stage for a bounce.
For now, the continued rise in leveraged bullish positioning suggests bitcoin has yet to establish a durable bottom.
