The BTC long margin on Bitfinex has hit a nearly 3-year high of 84,000. Historically, every time leverage increased, BTC went down, and during deleveraging, BTC went up. Based on the current trend of continued leverage increase... it feels like BTC is unlikely to structurally reverse and rise in the short term Keep a close eye on the long trend on Bitfinex—when deleveraging starts and it goes down, that's when BTC will rise!