Bitcoin bullish bets on Bitfinex climb to a peak not seen since early 2024.

Leverage-backed bullish positioning on Bitfinex continues to expand, signaling firm trader confidence even as bitcoin struggles to regain momentum.

Margin long positions — bullish bitcoin bets financed with borrowed funds — have climbed steadily on the exchange, according to TradingView data. The total now stands at roughly 72,700 BTC, the highest level since February 2024.

The increase from around 55,000 BTC in October points to persistent dip-buying as bitcoin slid to near $89,000 from peaks above $126,000. During the downturn, prices briefly fell to almost $80,000 on some platforms in November.

The buildup in leveraged longs comes despite bitcoin being on track for a third straight monthly decline, a sequence not seen since the depths of the 2022 bear market.

Historically, heavy margin long exposure on Bitfinex has often functioned as a contrarian indicator. These positions tend to swell during periods of price weakness and contract just as a new uptrend starts to form.

In past cycles, prolonged declines in margin longs have aligned with market lows or the early stages of recovery. This dynamic was particularly visible during the August 2024 yen carry trade unwind, when bitcoin bottomed near $49,000 as leveraged bets were rapidly reduced.

A similar pattern played out during the tariff-related sell-off in April 2025. As prices fell toward $75,000, margin longs declined, signaling capitulation by weaker participants and setting the stage for a rebound.

For now, the continued rise in leverage suggests bitcoin may not yet have established a definitive bottom.