Bitcoin has logged six down weeks out of the past seven, falling roughly 35% from $126,500 in October to around $81,000 before slightly recovering to above $85,000.
Throughout this correction, traders on Bitfinex continued to accumulate, lifting the amount of bitcoin bought with borrowed funds to 70,714 BTC. This is up from 50,000 BTC at the start of August.
According to TradingView data, margin longs have climbed 42% over the past three months while bitcoin has fallen 26%, highlighting continued confidence even as bitcoin is on track for its weakest monthly performance since June 2022.
This marks the third time since September 2024 that the Bitfinex whale has expanded their margin long position to around 70,000 BTC. The previous two instances aligned with major market bottoms.
The first occurred in August 2024 during the yen carry trade unwind when bitcoin fell toward $49,000, followed by a reduction in the position as bitcoin rallied to $100,000 after President Trump won the election in November 2024.
The second occurred in April 2025 during the tariff tantrum when bitcoin dropped to about $76,000, then rebounded toward $120,000 in June as the whale reduced exposure. Over the past five years, the bitfinex whale has also timed key reversals in the 2022 bear market and gradually reduced their long exposure throughout the 2023 rally.