Bitcoin Longs on Bitfinex Climb as Traders Accumulate Despite Sharp Decline

Bitcoin (BTC $92,198.96) has endured six losing weeks out of the past seven, dropping roughly 35% from its October peak of $126,500 to around $81,000 before slightly recovering to above $85,000.

Despite the ongoing correction, traders on Bitfinex have been steadily accumulating. The total amount of bitcoin purchased with borrowed funds has risen to 70,714 BTC, up from 50,000 BTC at the start of August. According to TradingView data, margin longs have increased 42% over the past three months, even as bitcoin has fallen 26%, underscoring continued confidence among leveraged traders during what is shaping up to be the cryptocurrency’s weakest month since June 2022.

This marks the third time since September 2024 that the Bitfinex whale has expanded their margin long position to around 70,000 BTC, with previous instances coinciding with major market bottoms.

The first surge occurred in August 2024, amid the yen carry trade unwind, when bitcoin dipped toward $49,000. The whale later reduced exposure as bitcoin rallied to $100,000 following President Trump’s November 2024 election victory.

The second spike happened in April 2025, during the so-called tariff tantrum, when bitcoin fell to roughly $76,000 before rebounding toward $120,000 in June as the whale trimmed positions.

Over the past five years, the Bitfinex whale has consistently timed key market reversals, including during the 2022 bear market, gradually reducing long exposure throughout the 2023 rally, demonstrating a pattern of strategic accumulation and profit-taking aligned with major market cycles.