While Bitcoin (BTC) prices, traders on Crypto Exchange Bitfinex are up to their reputation for being dipped buyers, offering a certain hope for the beaten cryptographic bulls given their history of prediction of the market and hollows.
The number of bitcoin bought on Bitfinex with money borrowed, a bet that the price of the BTC will increase and leave the investor with a profit once they have reimbursed the loan, went to more than 60,000 BTC, against 50,773 this month. It has jumped by 2% in the last 24 hours only, according to Coinglass and TradingView data.
The increase in so-called margin positions is a vote of trust in the greatest cryptocurrency, which has lost more than 20% this month and has been on the right track for its worst monthly performance since June 2022.
Bitfinex traders are mainly whales – or holders of large amounts of Bitcoin – who stand with long margins. They are known to point out with precision the tops and bottoms of Bitcoin and tend to accumulate during downward trends or markets within range, as they did in the middle of last year.
Looking at a period of five years, long margins have constantly increased assets during price swoons and the reduction of the exhibition near the peaks on the market. This model was obvious during markets in the 2021 and 2024 market.
While the cryptography market is falling, the feeling of the crypto market is in a state of extreme fear, according to the Crypto Fear & Greed of Coringlass. In the past year, the market has only known four days of extreme fear. It has been dominated by greed and extreme greed for more than 230 days.
