Like Bitcoin’s (BTC) price wilts, the traders on Crypto Exchange BitFinex live up to their reputation for being dipping buyers and gives a hope of beating crypto pets considering their track record to predict market tops and troughs.
The number of Bitcoin purchased on BitFinex with borrowed cash, an effort for the BTC price to rise and leave the investor with a profit once they have repaid the loan has risen to more than 60,000 BTC from 50,773 this month. It ran 2% over the past 24 hours alone, according to data from Coinglass and TradingView.
The increase in so -called margin long positions is a vote of confidence in the largest cryptocurrency, which has lost more than 20% this month and is on its way to its worst monthly performance since June 2022.
BitFinex dealers are mainly whales – or holders of large quantities of bitcoin – who dabble with margin longs. They are known to accurately signal Bitcoin tops and bottoms and tend to gather under downward or range markets as they did in the middle of last year.
Looking at a five-year timeframe, margin-Longs have consistently increased holdings under price guard and reduced exposure near the market tops. This pattern was clear in the market for 2021 and 2024.
As the crypto market is tumbling, the crypto market mood is in a state of extreme fear, according to Coinglass’ Crypto Fear & Greed Index. Over the past year, the market has only seen four days of extreme fear. It has been dominated by greed and extreme greed for over 230 days.
