Bitfinex Margin Longs Reach Highest Level Since Early 2024 Amid Bitcoin Price Decline
Margin longs on Bitfinex have risen to approximately 72,700 BTC, up from around 55,000 BTC since October, marking the highest level since February 2024. These margin longs are roughly at the levels observed prior to Bitcoin's March 2024 peak near $73,000, according to data from TradingView.
Despite the increase in leveraged bets, Bitcoin's price has declined significantly, sliding from over $126,000 to around $89,000, with some exchanges showing a low near $80,000 in November. The cryptocurrency has experienced three consecutive monthly declines, a pattern not seen since mid-2022.
Historically, peaks in Bitfinex margin longs have coincided with periods of market struggle and tend to dry up as new uptrends begin. Currently, this indicator shows no clear sign of a market bottom. Past cycles showed that during August 2024's yen carry unwind, Bitcoin reached a bottom around $49,000 with shrinking leveraged bets. In April 2025, a tariff-driven sell-off saw margin longs decline toward $75,000 before a price bounce. The ongoing rise in leverage suggests that Bitcoin prices may not have bottomed yet.
