Analysis: The rise in Bitcoin leveraged positions indicates that bargain hunting continues, but the price bottom may not yet have appeared.

PANews reported on February 5th that, according to CoinDesk, long positions in Bitcoin margin on cryptocurrency exchange Bitfinex have increased to approximately 77,100 BTC, the highest level since December 2023. This position has grown by 64% in the past six months, while the price of Bitcoin has fallen nearly 50% from its all-time high last October.

Historical data shows that Bitfinex margin long positions are often considered a contrarian indicator. These positions tend to expand during periods of market pressure and contract during periods of price increases. At past cycle lows, such as the FTX crash in November 2022, the "arbitrage trade" liquidation in August 2024, and the "tariff shock" in April 2025, margin long positions remained near their peak levels before the market bottomed out. Analysis suggests that the current continued accumulation of margin long positions may indicate that despite large holders buying during the decline, Bitcoin prices have not yet established a clear bottom. Bitcoin prices have now fallen for five consecutive months, yet the trend of increasing long positions continues.