Bitfinex leveraged long positions hit a two-year high, with buying pressure on Bitcoin strengthening, but the bottom still needs confirmation.

As Bitcoin prices fell, Bitfinex's margin long positions rose to approximately 77,100 BTC, a near two-year high. This trend indicates that there is still significant leveraged buying interest during the market downturn. Furthermore, Bitfinex's margin long positions have increased by about 64% over the past six months, typically seen as a signal of large investors or high-risk-averse funds continuously adding positions during market stress. However, historical experience shows that while this indicator tends to expand during market stress, it does not necessarily mean that prices have bottomed out. Analysts believe that the current accumulation of margin long positions reflects both bargain hunting and the possibility that the market has not yet completed its final clearing, and short-term volatility risks remain. (CoinDesk)