Insights from Satoshi Associate Adam Back on a Key Bitcoin Chart

In a recent discussion, Adam Back, a prominent figure quoted in the Bitcoin white paper by Satoshi Nakamoto, highlighted an important cryptocurrency chart that is often overlooked. This TradingView overlay compares Bitfinex BTCUSD longs with Bitcoin's price, showcasing how one segment of the market increases its investment even during price dips.

Key Takeaways

Adam Back discusses an important chart that plots Bitfinex BTCUSD longs against Bitcoin’s price.
The 200-week moving average stands at approximately $57,000, while the Bitfinex longs provide essential demand insights.
Bitfinex margin longs increased significantly, pointing to a steady accumulation of Bitcoin.
This buying behavior translates to a consistent daily cash influx of around $4 million.
Current Bitcoin price approaches $87,987, alongside an interesting correlation with Tether's recent activity.

Satoshi Associate Adam Back Reveals Secret Bitcoin Chart

A Closer Look at Market Trends

Back presents the market landscape using two distinctive lines: a "boring" one and an "ignored" one. The "boring" line represents the 200-week moving average, which currently hovers around $57,000. Meanwhile, the "ignored" line features the Bitfinex longs overlay, serving as a demand indicator that remains reliable even when daily price movements are volatile.

Source: TradingView

According to Back, over a period of seven months, Bitfinex margin longs have grown from 44,000 BTC to roughly 73,000 BTC. This indicates a consistent accumulation of nearly 1,000 BTC each week. Notably, even during less favorable market conditions, daily adds range from 300 to 450 BTC, reflecting a strong inclination to buy the dips.

When translated into cash, this behavior results in a steady buying pressure of about $4 million each day, or approximately $450 every second. Back considers this chart as valuable, highlighting a segment of the market that does not depend on new narratives to sustain its buying patterns. Continuous demand may create an impression of an upward-moving floor price.

Currently, the chart shows Bitcoin priced at around $87,987, while the Bitfinex longs series indicates about $72,891. Back emphasizes that, in the larger context, there’s a significant anti-correlation suggesting growth following the $15,500 bottom.

Furthermore, interest in the Bitfinex aspect is heightened by recent Tether updates. The Tether CEO and Bitfinex CTO revealed that Tether acquired 8,888.8888888 BTC in the fourth quarter of 2025, which included a notable withdrawal of 961 BTC from Bitfinex.

Through these insights, Back sheds light on important market dynamics, emphasizing factors that may influence Bitcoin's future trajectory.