BlockBeats News, May 20th. Bitcoin has experienced a continuous decline for five consecutive trading days (May 15th to 19th), setting the second longest downtrend of the year. Against the backdrop of an overall market downturn, Bitcoin has retreated from above $80,000 to around $76,000, attempting to record its first bullish candlestick in six days.

Notably, during this decline, leveraged traders on Bitfinex have been continuously increasing their positions. TradingView data shows that Bitfinex's long leverage positions have risen to 80,636 BTC, a growth of approximately 1.5% in the past few days, reaching the highest level in two and a half years. The last time long positions reached this high was in December 2023, when Bitcoin's trading price was close to $43,000. Since the beginning of the year, Bitfinex's long leverage positions have accumulated a growth of about 10%, while Bitcoin's price during the same period has dropped by 13%. This divergence indicates that although Bitcoin's current price is about 35% lower than its historical high of $126,000 set in October last year, large traders are still accumulating.

From a historical perspective, the so-called "Bitfinex Whales" often act as a contrarian signal. Over the past five years, the large leveraged long positions on this trading platform have often expanded during market weakness and panic phases, and decreased when approaching local tops and trend reversals.

Currently, Bitcoin is approaching a key technical area. The price is testing the "true market value," an on-chain valuation indicator representing the comprehensive market cost basis, as well as the Short-Term Holder Realized Price (tracking the average cost of recent buyers in the past 155 days), both near $78,000, slightly above the current spot price.