Bullish wagers on bitcoin swell on Bitfinex, reaching the highest levels since early 2024.

Leveraged bullish positioning on Bitfinex is still building, highlighting firm trader conviction even as bitcoin continues to struggle.

According to TradingView data, margin long positions — bitcoin bets made with borrowed funds — have risen to around 72,700 BTC, their highest level since February 2024. The total has increased steadily from roughly 55,000 BTC in October.

The rise reflects persistent dip-buying as bitcoin pulled back to near $89,000 from highs above $126,000. During the sell-off, prices briefly slipped to almost $80,000 on some exchanges in November.

This growing long exposure comes despite bitcoin being on track for three consecutive monthly losses, a pattern last seen during the 2022 bear market.

Historically, heavy margin long positioning on Bitfinex has often served as a contrarian indicator. These leveraged bets tend to build during periods of price weakness and unwind just as a new uptrend begins.

In past cycles, extended declines in margin longs have aligned with market bottoms or the early stages of recovery. That dynamic was especially clear during the August 2024 yen carry trade unwind, when bitcoin found a floor near $49,000 as leveraged positions were rapidly reduced.

A similar setup appeared during the tariff-driven sell-off in April 2025. As prices dipped toward $75,000, margin longs fell, suggesting weaker hands had exited and clearing the way for a rebound.

For now, the continued increase in leverage suggests bitcoin may still be searching for a durable bottom.