Sure, you learn the title proper. The variety of bullish bitcoin wagers, the so-called BTC/USD lengthy positions, on the OG change Bitfinex has hit multi-month highs.
However, bulls, maintain your cheers, as this metric has change into a textbook “opposite indicator” through the years, with upswings characterizing bitcoin’s worth downtrends.
Highest since 2023
The variety of BTC/USD longs has elevated to 79,343, the best since November 2023, in response to knowledge supply CoinDesk.
Rising bullish bets often sign rising upside stress – a optimistic learn. However traditionally, the market has achieved the precise reverse, falling simply as Mom Nature turns sunny forecasts into storms.
As an illustration, the variety of BTC/USD longs rose 30% within the last quarter of 2025 as BTC’s spot worth tanked 23% to $87,550. Related patterns have been noticed in recent times, as seen beneath.
BTC’s worth bottoms when Bitfinex longs peak – and rallies as they refuse. Value tops (like October) hit when longs backside out, then costs slide as longs climb.
Analysts have beforehand defined this conundrum by saying the group is often clueless, so guess towards them.
So, the newest uptick in longs means that bitcoin’s uneven worth motion between $65,000 and $75,000 may quickly finish with a sell-off, deepening the downtrend that started above $100,000 final 12 months. It goes with out saying that previous outcomes are not any assure of future outcomes.
That stated, different elements, akin to reviews that the U.S. is planning to deploy troops to the continued battle in Iran, the oil worth shock, and fears of a Fed fee hike, additionally favour the bearish case.
At press time, bitcoin traded round $66,400, in response to CoinDesk knowledge.