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 “contrary indicator” through the years, with upswings characterizing bitcoin’s value 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 normally sign rising upside stress – a optimistic learn. However traditionally, the market has performed the precise reverse, falling simply as Mom Nature turns sunny forecasts into storms.
For example, the variety of BTC/USD longs rose 30% within the remaining quarter of 2025 as BTC’s spot value tanked 23% to $87,550. Related patterns have been noticed in recent times, as seen beneath.
BTC’s value bottoms when Bitfinex longs peak – and rallies as they refuse. Worth tops (like October) hit when longs backside out, then costs slide as longs climb.
Analysts have beforehand defined this conundrum by saying the gang is normally clueless, so wager towards them.
So, the most recent uptick in longs means that bitcoin’s uneven value motion between $65,000 and $75,000 might quickly finish with a sell-off, deepening the downtrend that started above $100,000 final yr. It goes with out saying that previous outcomes are not any assure of future outcomes.
That stated, different elements, corresponding to stories that the U.S. is planning to deploy troops to the continued battle in Iran, the oil value shock, and fears of a Fed price hike, additionally favour the bearish case.
At press time, bitcoin traded round $66,400, in response to CoinDesk knowledge.
