Increased Leveraged Bets Hint at Dip Buying in Bitcoin, Not a Clear Bottom Signal

Bullish leverage on Bitfinex is building rapidly despite continued weakness in bitcoin, pushing margin long positions to their highest level in nearly two years.

Margin long exposure on the exchange has climbed to around 77,100 BTC, a level last seen in December 2023 when bitcoin was trading near $40,000, according to TradingView data. The increase comes as bitcoin slipped below $69,000 for the first time since November 2024.

Over the past six months, margin longs have jumped about 64%, even as bitcoin has declined nearly 50% from its October all-time high. The widening gap suggests ongoing accumulation during the correction, potentially driven by a large market participant adding exposure on weakness.

Historically, Bitfinex margin long positioning has tended to move counter to price action. Long exposure often expands during periods of market stress and contracts during rallies.

At prior cycle lows, margin longs were held near elevated levels as prices stabilized and reversed. This pattern was evident during the FTX collapse in November 2022, the August 2024 carry-trade unwind, and the so-called “tariff tantrum” in April 2025.

The current surge in leveraged longs coincides with bitcoin being on pace for a fifth straight monthly decline. While the steady buildup points to aggressive dip buying, the continued rise in leverage may also imply that bitcoin has yet to establish a clear price floor.