While crypto market participants have switched into macroeconomic and geopolitical analysts, keeping their focus on the oil chart, a different scenario is unfolding on Bitfinex — one that industry legend Adam Back highlights as unprecedented.
According to the latest margin position monitoring data, the volume of long positions on Bitfinex has now reached a historical high not seen since November 2023, hitting 79,193 $BTC.
Adam Back explains why this Bitfinex accumulation is “unprecedented”
The CEO of Blockstream pointed out a unique market structure. In particular, a group of institutional players appears to be using a TWAP strategy — time-weighted average price — aggressively buying up any available supply below the $69,000 level.
As Back emphasizes, margin holding on Bitfinex has been accelerating since late 2020. Around 79,000 $BTC have been accumulated using leverage, with an estimated build rate of 300 $BTC or more per day through organic trades.
Based on these calculations, the intensity of accumulation translates into approximately $20 million flowing into Bitcoin daily, about $14,000 spent every minute, around the clock — averaging between 450 and 600 $BTC purchased.
@bitfinex margin longs at ATH since nov 2023. 79k $BTC bought on margin, and rising 300+ $BTC/day all-day TWAP + organic trades. pic.twitter.com/tZwWqUNLD8
— Adam Back (@adam3us) March 29, 2026
What makes the current situation notable is that this accumulation is happening during a correction phase. While retail participants remain cautious, large players on Bitfinex are demonstrating conviction. Back stresses that this is not artificial speculation, but rather a long-term strategic positioning by entities that are difficult to identify.
At present, the broader market shows signs of bearish exhaustion on the weekly time frame. According to some analysts, including Back, the sheer size of accumulated positions could lead to a liquidity shortage on the supply side.
If the current pace of $14,000 per minute in buying pressure continues, any positive catalyst could accelerate price movement sharply, as available supply in the market depth has already been reduced. If this framework holds, the market may be witnessing a redistribution of assets from weaker hands to strategic accumulators.
The Bitcoin market on Bitfinex is now, in this context, emerging as a leading indicator for the broader crypto market.
