Leveraged bullish positioning on Bitfinex continues to build even as bitcoin prices remain under pressure, lifting margin long exposure to its highest level in nearly two years.

Margin long positions on the exchange have risen to approximately 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 climbed about 64%, while bitcoin has dropped nearly 50% from its October peak. The divergence points to sustained accumulation during the downturn, potentially by a large holder steadily adding to positions as prices weaken.

Historically, Bitfinex margin long positioning has tended to act as a contrarian indicator. Long exposure typically increases during periods of market stress and tapers off as prices recover.

At previous cycle lows, margin long positions remained elevated as prices stabilized and formed bottoms. Similar dynamics were observed during the FTX collapse in November 2022, the August 2024 carry-trade unwind, and the “tariff tantrum” in April 2025.

The current buildup in leveraged longs coincides with bitcoin being on track for a fifth consecutive monthly decline. While the persistent dip buying reflects confidence among leveraged traders, the continued expansion in long exposure may also suggest that the market has yet to establish a definitive price bottom.