Bitfinex BTC margin longs surge to two-year high amid price drop

Margin long positions for Bitcoin on Bitfinex have surged to their highest level in two years despite the cryptocurrency's recent price decline, Coindesk reported. The total volume of BTC margin longs on the exchange currently stands at approximately 77,100 BTC, the largest amount seen since December 2023. The outlet noted that these positions have historically served as a contrarian indicator, typically increasing when the market falls and decreasing as prices rise. According to this pattern, the current buildup in long positions could suggest that Bitcoin's price has not yet reached a bottom.