BTC margin long positions on Bitfinex reach largest size since early 2024

Bitcoin margin long positions on the Bitfinex exchange have swelled to their largest level since early 2024, Coindesk reported. The total currently stands at approximately 72,700 BTC, a significant increase from around 55,000 BTC in early October. This level is comparable to the period just before BTC reached its peak of $73,000 in March of last year. However, the report noted that in past cycles, a surge in margin long positions has often served as a contrarian indicator. While major market bottoms have previously coincided with large-scale investors reducing their long positions, no such bottoming signal has yet emerged in the current market.