Bitfinex's margin long size is growing pretty fast right now. (margin long size = the amount of USD + USDT borrowed for long positions) The three orange zones are all consolidation or downtrend periods, when Bitfinex whales were quickly building positions, and afterward, there was always a significant rally. Looking at the most recent instance, over $2 billion has been added from the low point to now, and the accumulation speed has been quite fast recently. In just a few more days, it might hit a new high for this cycle. In other words, from the perspective of Bitfinex whales (aka Tether big brother), there’s still a third bull head coming, and 126K isn’t the top. Adding a few signals: 1. CoinKarma Karma Index below 35 2. BTC showing the first liquidity green bar buy signal in the past six months 3. CT sentiment is super bearish Overall, I’m still pretty bullish, but this morning the quant strategy closed positions again. At this level, it might consolidate for a while longer... taking it step by step.