According to @cas_abbe, Bitfinex BTC long positions are rising parabolically and resemble the positioning pattern seen in Q1 2025 (source: Cas Abbé on X, Nov 21, 2025). A rapid build-up of longs on a single venue indicates crowded leverage and typically forces funding higher, increasing downside liquidation risk if price reverses (source: Bitfinex derivatives and funding documentation). Traders can confirm the positioning via Bitfinex margin/derivatives data and monitor BTC funding rates and any divergence between rising longs and flat price as a potential long-squeeze set-up (source: Bitfinex exchange data). If the Q1 2025-style pattern repeats, intraday volatility and cross-venue spillovers in BTC perpetuals and spot may increase as arbitrage reacts to imbalances (source: Bitfinex market structure materials and the historical comparison cited by Cas Abbé).