Bitcoin Margin Long Positions Listed on Bitfinex Defy Drop

Activity at the crypto exchange known to host whales is challenging concerns about bearish trends in the price of bitcoin (BTC).

Since 2009, bitcoin has fallen an average of 4% in September, according to bitcoinmonthlyreturn.com.

However, traders from the Bitfinex crypto exchange, which has a history of influencing market trends, are placing bullish bets.

According to Greeks.Live and Coinglass, since August 28, the number of margin long positions on Bitfinex, which involve using borrowed funds to buy BTC on the spot market, has increased by a net 3,000 BTC to approximately 64,350 BTC. The annual interest rate applied to borrowed funds has risen above 20% in the past 10 hours.

This means traders are borrowing money to buy more BTC and betting that the cryptocurrency will defy its bearish tradition in September this year.

Activity in globally listed bitcoin perpetual futures is also trending upward. This is evident in the positive change in open interest weighted global average funding rates. Positive rates indicate that perpetual futures are trading at a premium to the spot rate, highlighting the dominance of bullish bets.

Over-the-counter (OTC) equity markets are witnessing increased demand for bitcoin call options that offer asymmetric returns during price uptrends.