Bitcoin bullish bets on Bitfinex have reached a 28-month high, with long positions hitting 79,343 - the highest level since November 2023.
Historically, spikes in Bitfinex BTC/USD longs have acted as a contrary indicator, often coinciding with price tops and preceding sell-offs.
The latest increase in longs comes amid macroeconomic concerns, including U.S. troop deployment to Iran and fears of a Federal Reserve rate hike.
This inverse relationship suggests a potential downturn in Bitcoin’s price, which is currently trading around $66,400.
Other factors, such as evolving stablecoin regulation and DeFi policy changes, may further intensify bearish sentiment.