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Large Bitcoin holders on Bitfinex have accumulated leveraged long positions approaching 70,000 BTC—the highest level in nearly two years—even as the cryptocurrency struggles to maintain support above $90,000 heading into 2026.
The aggressive positioning by so-called “whales” marks a 36% increase in recent months and mirrors accumulation patterns seen at previous market bottoms, according to on-chain analytics firm AInvest.
However, the leveraged bets carry significant risk in what analysts describe as a low-liquidity environment prone to sharp volatility as the new year begins.
One of the most striking themes this week is the surge in leveraged long positions held by large holders often referred to as “whales” on crypto exchange Bitfinex.
Multiple data feeds indicate that whale long positions have climbed to their highest levels in nearly two years, echoing accumulation patterns seen at historical market lows.
According to analytics firm AInvest, Bitfinex whale longs have approached roughly 70,000 BTC several times since 2024, each coinciding with key market bottoms before price rebounds.
“Bitfinex whale continues to add to its margin long Bitcoin position, approaching March 2024 highs,” observed by one on-chain analyst on X, highlighting a 36 % rise in these positions over recent months.
However, leveraged positioning is a double-edged sword; crowded long bets risk rapid unwind during volatility spikes, especially in a low-liquidity seasonal environment.
Beyond whale positioning, analysts are parsing broader structural signals to assess Bitcoin’s next phase. Realized cost basis — the aggregate price at which holders acquired BTC — is now seen as a critical support zone.
On-chain analytics from Glassnode show that short-term holders continue to transact at losses, underscoring investor hesitation despite price stability above key averages.
Institutional flows add another dimension to the picture. Recent Bitcoin ETF outflows have drawn headlines, but analysts frame these as tactical rebalancing rather than wholesale institutional exit.
Such shifts are typical in low-liquidity periods and may not presage broader institutional withdrawal from the asset class.
Macro forces also loom large: expected releases of U.S. Federal Reserve meeting minutes and lingering questions about interest-rate pathways have the potential to ripple through risk assets, including cryptocurrencies, adding another layer of uncertainty for 2026 positioning.
Elevated leveraged longs on Bitfinex suggest that some of the market’s largest players are positioning for significant upside in 2026.
Bitcoin’s inability to solidify gains above $90 K and broader liquidity concerns could keep price action range-bound or lower in the near term.
Holiday-season volume declines and strategic ETF reallocations could continue influencing price swings independently of long-term narratives.
“Unlike retail-driven rallies, spot whale participation typically reflects longer-term positioning,” a contributor to on-chain analytics platform CryptoQuant wrote
He also indicated that downside risk may be gradually decreasing as stronger hands absorb supply.
As 2026 unfolds, investors will be watching whether whale positioning translates into broader market momentum or remains isolated amid lingering uncertainty a dynamic that could define Bitcoin’s trajectory in the year ahead.
