Bullish bitcoin bets funded with borrowed money are increasing on Bitfinex, one of the oldest crypto exchanges, even as the price continues to fall.
Long margin positions climbed to around 77,100 BTC, the highest level since December 2023, when bitcoin was trading near $40,000, according to TradingView data.
Long margins have increased by 64% over the past six months, with bitcoin falling almost 50% from its all-time high in October. This suggests that a large holder, often referred to as a whale, continues to adhere to the correction, with bitcoin falling below $69,000 for the first time since November 2024.
Historically, long Bitfinex margin positions have acted as a contrarian indicator. The position tends to widen during periods of market stress and narrow when prices rise.
At the lows of the previous cycle, long margin exposures were held near maximum levels as prices bottomed out. This behavior was evident during the FTX collapse in November 2022, the carry trade unwinding in August 2024, and most recently during the “tariff rage” in April 2025.
The current accumulation of long margins coincides with Bitcoin being on track for five consecutive monthly declines. However, as the position continues to grow, this may suggest that Bitcoin has not yet reached a definitive price floor.
