Bitfinex Leveraged Long Positions Hit Two-Year High, Bitcoin Bottom-Fishing Forces Strengthen but Bottom Still Awaiting Confirmation

According to Odaily, as Bitcoin's price declined, Bitfinex margin long positions rose to approximately 77,100 BTC, reaching a nearly two-year high. This trend indicates that significant leveraged capital for bottom-fishing remains active during the market downturn. Furthermore, the size of Bitfinex margin long positions has increased by about 64% over the past six months, which is often interpreted as a signal that large investors or high-risk-preference capital are continuing to add positions during periods of market stress. However, historical experience shows that this metric often expands during market stress phases but does not necessarily indicate that the price has bottomed out. Analysis suggests that the current continuous accumulation of margin long positions, on one hand, reflects bottom-fishing behavior in the market, and on the other hand, may also imply that the market has not yet completed its final shakeout, with short-term volatility risks still present. (CoinDesk)