Bitfinex’s Bitcoin Long Bets Surge, Reaching New All-Time High

Bitcoin traders on Bitfinex are expressing strong bullish sentiment with long positions reaching a new peak of 70,671.85 BTC since February 2024. This surge, worth approximately $5.58 billion, indicates an increasing expectation for a price rally in the near future. The increase is noteworthy as it highlights the potential for significant market movement driven by leveraged bets on Bitcoin’s upward trajectory. Bitfinex, known for its influence on large-scale trader activity, becomes a crucial barometer for predicting broader market trends.