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 turn out to be a textbook “opposite indicator” over time, with upswings characterizing bitcoin’s worth downtrends.
Highest since 2023
The variety of BTC/USD longs has elevated to 79,343, the very best since November 2023, in accordance with knowledge supply CoinDesk.
Rising bullish bets normally sign rising upside strain – a constructive learn. However traditionally, the market has finished the precise reverse, falling simply as Mom Nature turns sunny forecasts into storms.
As an example, the variety of BTC/USD longs rose 30% within the last quarter of 2025 as BTC’s spot worth tanked 23% to $87,550. Comparable patterns have been noticed lately, as seen beneath.
BTC’s worth bottoms when Bitfinex longs peak – and rallies as they do not want. 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 guess in opposition to 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 components, reminiscent of stories that the U.S. is planning to deploy troops to the continuing conflict 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 accordance with CoinDesk knowledge.
