Despite Bitcoin’s price falling over 20% this month, traders on Bitfinex are betting big on a rebound. The number of bitcoins bought with borrowed cash, known as margin long positions, has surged to over 60,000 BTC from 50,773 earlier this month. This represents a 2% increase in just the past 24 hours. These traders, often large holders of bitcoin, are known for accurately predicting market peaks and troughs. Historically, they’ve increased their holdings during price drops and reduced exposure near market tops, a pattern seen in 2021 and 2024. Currently, the crypto market sentiment is at an extreme fear level, a rare occurrence with only four such days in the past year, compared to over 230 days of greed or extreme greed.
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