Margin traders on Bitfinex hold roughly 283,410 ETH in long positions, the highest level in more than four years. Shorts have dwindled to approximately 3,530 ETH, leaving a long-to-short ratio of roughly 80:1.
Margin traders on Bitfinex are betting heavily on Ethereum. As of October 11, 2026, margin data showed approximately 283,410 ETH in longs, the highest level in more than four years.
That works out to roughly $709 million at current prices, the largest bullish bet on the platform since at least 2022.
Longs surge while shorts shrink
Bitfinex longs sat at around 82,500 ETH in late August. Since then, long positions surged 157% over just seven days, according to the margin data.
The current tally sits just below the 90-day peak of 283,598 ETH, recorded on October 8.
Shorts tell the opposite story. Bets against ETH on Bitfinex have dwindled to approximately 3,530 ETH, or about $8.8 million.
The buildup arrived while Ethereum traded around $2,500, after a stretch of price volatility that included a recent dip. That suggests some traders treated the weakness as an entry point.
A sharp reversal from September
The setup looks very different from a few weeks ago. In late September 2026, short positions on Bitfinex spiked to a four-year high, landing somewhere between 73,000 and 101,000 ETH.
Those shorts then fell away sharply. Commentary on X has framed the long buildup as a sign of conviction among large "whale" traders on the platform.
Squeeze talk and what to watch
The imbalance has sparked talk of a potential short squeeze. With shorts at approximately $8.8 million against roughly $709 million in longs, relatively little short interest is left to squeeze.
Yet when longs dominate this heavily, the bigger risk may be a long squeeze, where a price drop triggers forced selling from leveraged bulls and accelerates the decline.
Traders can watch whether longs push past the October 8 peak, which would suggest continued accumulation. A rebuild in shorts from today's low base would signal that skeptics are returning.
Source: Crypto Briefing
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