Unfazed by 5 consecutive days of decline! Bitfinex whales double down on Bitcoin, long positions hit a 2.5-year high

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When the market is gripped by panic from a relentless decline, crypto veterans are quietly opening their jaws wide. Just as Bitcoin recorded its second-longest losing streak of the year, whales on Bitfinex not only refused to retreat but aggressively added to their positions against the trend, pushing long leveraged positions to a 2.5-year high. Affected by the overall market weakness, Bitcoin endured 5 consecutive trading days of declines between May 15 and May 19, marking the second-longest losing streak this year, plunging from above the $80,000 mark down to around $76,000. However, the more jittery the market becomes, the more excited apex predators get. On Bitfinex, an exchange renowned in the crypto world as a "whale gathering ground," leveraged traders are continuing to pile into long positions. Currently, Bitcoin margin longs have climbed to 80,636 BTC, increasing slightly by about 1.5% over the past few days, reaching the highest level in nearly two and a half years. The last time long positions were this crowded dates back to December 2023, when Bitcoin's price was hovering only around $43,000. "Bitfinex Whales" Have Historically Been a Contrarian Indicator Data shows that since the beginning of this year, Bitfinex margin longs have climbed approximately 10%, while Bitcoin itself has fallen 13%. This divergence indicates that although Bitcoin is still nearly 35% below its all-time high of $126,000 from last October, whales are still patiently and persistently accumulating chips on dips. In the cryptocurrency market, the movements of the so-called "Bitfinex whales" have long been viewed as a highly valuable contrarian indicator. Over the past 5 years, whenever the market falls into weakness and retail investors are in despair-driven panic selling, large leveraged longs on this exchange rapidly increase; conversely, when the market approaches a stage-top or a trend is about to reverse downward, these whales quietly take profits and significantly reduce positions. $78,000 Becomes the Bull-Bear Watershed From a technical and on-chain data perspective, Bitcoin is entering a crucial bull-bear battle zone. Currently, the price is testing two key indicators: first, the "True Market Mean," which represents the average cost basis of the entire market; second, the "Short-Term Holder Realized Price," reflecting the average purchase cost of retail investors who entered over the past 155 days. These two lines of defense sit roughly around $78,000, slightly above the current spot price. If the bulls can successfully break through and launch an offensive, then the "200-day moving average" located above $81,000 will be the next resistance level that must be overcome.

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Source:區塊客

Published:2026-05-20 10:02:05

Category:bullish · Export Category bullish

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