Despite Bitcoin’s downward trend, leveraged traders on Bitfinex have aggressively added to their long positions. Data from TradingView reveals that margin longs on the exchange reached 80,636 BTC on May 20, marking the highest point since late 2023. This represents an increase of about 10% since the start of 2026, even as Bitcoin’s price has dropped 13% during the same period.
Bitcoin experienced a five-day losing streak from May 15 to May 19, falling from above $80,000 to roughly $76,000. This is the second-longest slump of the year, with the asset now about 35% below its all-time high of $126,000 reached in October 2025.
The behavior of large traders on Bitfinex, often referred to as the Bitfinex whale, has historically been a contrarian signal. In the past, these traders have increased their leveraged long positions during market downturns and reduced them near local peaks. While this pattern does not confirm a floor, it garners attention from analysts who monitor whale activity as a potential leading indicator.
Bitcoin is currently testing a critical technical zone around $78,000, which includes the True Market Mean and the short-term holder cost basis. The 200-day moving average sits above $81,000, and reclaiming this level is considered an initial step toward recovery by many traders.
However, the rise in margin longs during a price decline also poses risks. A buildup of leveraged positions can make the market more susceptible to liquidation cascades if prices fall further, potentially amplifying downside pressure. Analysts have consistently identified the $78,000 to $81,000 range as key for Bitcoin to regain before a sustained uptrend becomes likely.
This divergence between increasing long exposure and falling prices highlights an ongoing tug-of-war between buyers seeking bargains and sellers dominating the market. Real-time price movements continue to reflect this tension as traders assess the next direction for Bitcoin.