Bitcoin price has surged by 23.7% in the last 30 days, but traders on Bitfinex have reduced their leveraged long positions by over 18,000 BTC during this period. This profit-taking behavior in margin markets has raised concerns about the confidence of professional traders in the current $104,000 price level. The drop in margin longs from 80,387 BTC to 65,889 BTC between April 16 and May 16 on Bitfinex indicates a shift from the bullish sentiment seen earlier this year. However, this move is likely attributed to healthy profit-taking rather than a bearish trend. Despite the recent decrease in margin longs, Bitfinex whales continue to hold $6.8 billion in long positions, significantly outweighing the $25 million in short positions. This discrepancy can be attributed to the low 0.7% annual interest rate for margin trading on Bitfinex, creating arbitrage opportunities for traders. Additionally, the optimism among whales is evident as they remain unfazed by the $105,000 resistance level, driven by confidence in Bitcoin’s price and the influx of $2.4 billion in net inflows to US spot Bitcoin ETFs between May 1 and May 15. The data suggests that institutional traders are not turning bearish, particularly when considering the BTC options markets. Despite uncertainties surrounding Bitcoin’s ability to break above $105,000, the substantial $6.8 billion in leveraged margin longs indicates continued optimism among professional traders regarding the price outlook.