Bitcoin margin long positions on Bitfinex have climbed to levels not seen since November 2023, drawing fresh market attention during a period of weak price action. 

The move has added a new data point to the wider debate over whether large buyers are building exposure during the current correction.

Recent market data shows Bitfinex margin long positions rising to about 79,193 BTC. That marks the highest level recorded on the platform since November 2023.

The increase came as many traders kept their attention on macro risks, including oil prices and geopolitical tension. Even so, activity on Bitfinex pointed to a different trend, with leveraged Bitcoin accumulation continuing in the background.

Adam Back, chief executive of Blockstream, described the pattern as “unprecedented.” He linked the move to a market structure where larger buyers appear to be adding exposure in a steady and deliberate way.

Adam Back points to steady buying below $69,000

Back said a group of institutional participants may be using a time-weighted average price strategy, also known as TWAP. Under that approach, buyers spread purchases over time instead of placing one large order.

He said this buying appears to focus on Bitcoin below the $69,000 level. According to his reading of the market, those orders have absorbed available supply during the recent pullback.

Back also said Bitfinex margin accumulation has been building since late 2020. He estimated that the pace now stands at 300 BTC or more per day through organic trades.

Using that rate, the daily flow would equal about $20 million at recent prices. That works out to around $14,000 per minute, with an average purchase rate between 450 and 600 BTC over a full day.

Accumulation builds during a correction phase

The timing of the buildup has drawn attention because it is taking place during a correction. While price action has remained under pressure, long positioning on Bitfinex has continued to expand.

Back said this does not look like “artificial speculation.” Instead, he described it as longer-term positioning by buyers whose identities remain unclear.

That view reflects a wider idea now circulating in the market. Some traders believe the current phase is shifting Bitcoin from weaker holders to entities with a longer holding period.

Several analysts have also pointed to signs of bearish exhaustion on the weekly chart. In that setting, a large leveraged buildup can become a closely watched market signal.

Back said the size of the Bitfinex long book could tighten available supply if the current pace continues. He added that reduced market depth could make Bitcoin react faster if a positive catalyst appears.