Bitfinex Bitcoin long positions reach $5.1B — Is someone buying or hedging?
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Analysts speculate that the Bitcoin bull run is ready to resume after Bitfinex longs soar to $5.1 billion. Are they mistaken?
Bitcoin (BTC) leveraged long (bull) positions on Bitfinex have soared to an impressive $5.1 billion on Feb. 19. This sharp increase has led to speculation that whales are setting up for a bull run. The mystery around this bullish move deepens since Bitcoin’s price has remained steady near $96,000 since Feb. 5. Traders are asking if this points to a bull run ahead.
Bitfinex Bitcoin margin longs, BTC. Source: TradingView / Cointelegraph
Historically, Bitfinex traders are known for quickly opening or closing $100 million Bitcoin margin positions. This suggests whales and large arbitrage desks are active in the market. Currently, Bitfinex’s Bitcoin margin has reached 54,595 BTC, the highest level in almost three months. This rise is largely driven by the low 0.44% annual interest rate offered on the platform.
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