Bitfinex Bitcoin longs hit two-year high as BTC retests $84,000 support

Bitfinex Bitcoin margin longs reached a two-year high on Thursday, totaling 83,933 BTC (a nominal $7.3 billion), as Bitcoin fell to its lowest level in over two months and retested $84,000 support, Cointelegraph reports. Despite the large nominal position, borrowing costs on Bitfinex remain under 0.01% annually because the exchange requires collateral deposits that exceed loan values.

Many traders prefer margin to avoid the futures "carry cost," which Cointelegraph says currently hovers around 5% per year for BTC futures. Monthly BTC futures typically trade at an annualized premium of 5%–10% to spot, and bullish periods usually push that indicator above a 10% neutral threshold; the article notes that last occurred in early February 2025 when Bitcoin traded near $103,500.

Professional traders often use cash-and-carry arbitrage, selling futures while holding spot or margin, so rising Bitfinex longs may be offset by simultaneous futures selling and therefore could be neutral for price direction. The price drop coincided with a broader move into risk aversion after Microsoft shares fell 11% following reports of increased capital expenditures and disappointing cloud server revenue.

The report quotes Google CEO Sundar Pichai saying there are "elements of irrationality" in AI valuations, and notes Microsoft disclosed $625 billion in remaining performance obligations, with nearly $280 billion linked to OpenAI, according to Fortune.

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