Bullish bitcoin bets funded with borrowed money are rising on Bitfinex, one of the oldest crypto exchanges, even as the price continues to fall.

Margin long positions have climbed to roughly 77,100 BTC, the highest level since December 2023, when bitcoin was trading near $40,000, according to TradingView data.

Margin longs are up 64% over the past six months, as bitcoin has fallen nearly 50% from its October all-time high. This suggests that a large holder, often referred to as a whale, is continuing to buy into the correction, with bitcoin dropping below $69,000 for the first time since November 2024.

Historically, Bitfinex margin long positions have acted as a contrarian indicator. The position tends to expand during periods of market stress and narrow when prices rise.

At previous cycle lows, margin long exposures were held near peak levels as prices bottomed out. This behavior was evident around the FTX collapse in November 2022, the August 2024 "carry-trade" unwind, and most recently during the "tariff tantrum" in April 2025.

The current buildup in margin longs coincides with bitcoin being on track for five consecutive monthly declines. However, as the position continues to grow, it may suggest that bitcoin has yet to find a definitive price bottom.