[Satoshi Index] 24-Hour Top Crypto Traders' Short Share Slips From 96% to 89% in Two Days; Hyperliquid (HYPE) Goes From 41 Long and 100 Short to 60 Long and 71 Short While the 7-Day Group Stays 93% Short

‘Satoshi Index’ is a daily series in which Satoshi Note™, a crypto portfolio tracker, analyzes the current positions of top traders using on-chain data. Data refreshes hourly; figures reflect the aggregation time stated in the article. [Editor's note]

As of 4:25 p.m. KST on Oct. 26 (07:25 UTC), about 89% of the position notional held by the top traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined is short. Longs total about $328 million and shorts about $2.58 billion, with the top 100 on each exchange counted separately and then summed by asset.

Compared with the previous edition on the evening of Oct. 24 (aggregated at 3:31 p.m. KST that day), the same group's long notional went from about $140 million to $328 million, 2.3 times as much, while shorts fell 13% from about $2.98 billion to $2.58 billion. The short share went from 96% to 89%. The two Oct. 25 editions and the Oct. 26 morning edition were not published, so this is a two-day comparison. Over that span, Hyperliquid mid prices show Bitcoin (BTC) down 0.4% from $80,660 to $80,305 and Ethereum (ETH) down 1.6% from $2,368 to $2,329, while Hyperliquid (HYPE) rose 1.7% from $75.69 to $76.96 and Zcash (ZEC) rose 5.4% from $1,163 to $1,226.

The top group by 7-day performance holds about $232 million long and $3.24 billion short, a short share of about 93%. That is almost unchanged from 93% in the previous edition ($255 million long, $3.21 billion short): longs shrank by $23 million and shorts grew by $32 million.

The 30-day group holds about $392 million long and $3.43 billion short, a short share of about 90%. From 91% in the previous edition ($328 million long, $3.37 billion short), longs grew by $64 million and shorts by $63 million, moving the share by one percentage point. Of the three groups, only the 24-hour group moved noticeably toward long.

Bitcoin (BTC) is net short in all three windows. In the 24-hour group it has 73 long and 154 short accounts, about $94 million long and $822 million short, a short share of 90%. That compares with 54 long and 174 short, 98% short, in the previous edition, so both long accounts and long notional increased. The 7-day group has 69 long and 172 short (92% short) and the 30-day group 83 long and 156 short (91% short), little changed from 93% and 94% in the previous edition.

Ethereum (ETH) is more lopsided. Shorts total about $716 million in the 24-hour group (96% short), $919 million in the 7-day group (99% short) and $932 million in the 30-day group (87% short). ETH long accounts in the 7-day group fell from 78 to 63 since the previous edition, leaving only about $12 million long. ETH positions show unrealized gains of about $14 million in the 7-day group and $14 million in the 30-day group, the largest of any asset in both windows. HYPE positions sit at the other end, with unrealized losses of about $29 million in the 7-day group and $43 million in the 30-day group, the largest in both.

By asset, Hyperliquid (HYPE) saw the biggest change in the 24-hour group. From 41 long and 100 short accounts and a 6% long share by notional in the previous edition, HYPE now has 60 long and 71 short, about $82 million long and $180 million short, a long share of 31%, the highest among the 20 largest assets in the 24-hour group. Its 7-day group (50 long, 111 short, 6% long) and 30-day group (46 long, 129 short, 5% long) remain heavily short, much like the previous edition. HYPE's Hyperliquid mid price was $76.96, up 1.6% over the 24 hours before aggregation.

The largest rise in the long ratio by headcount belongs to Ethena (ENA), which went from 11 long and 80 short (12% long) to 31 long and 55 short (36% long) in the 24-hour group; its price was $0.21, up 9.4% over 24 hours. Zcash (ZEC) also went from 31 long and 94 short to 44 long and 60 short in the 24-hour group, and ZEC positions carry about $11 million in unrealized gains, the largest in that group. In the other direction, Near Protocol (NEAR) in the 30-day group went from 34 long and 60 short to 21 long and 92 short, its headcount long ratio falling from 36% to 19%, the largest change in the 30-day window, and in the 7-day group Pump.fun (PUMP) moved the most toward short, from 29 long and 59 short to 17 long and 68 short.

The rise in the 24-hour group's long notional is hard to read as a market call. This group is re-selected every day on one day's performance, so when traders who held longs in assets that rose up to the aggregation time enter the ranking, long notional grows by that much. HYPE, ZEC and ENA, the assets whose long share rose this edition, all gained over the past 24 hours, and the 7-day and 30-day groups' short shares of 93% and 90% are essentially where they were.

The figures also sum only the top-100 positions on four exchanges, so a few large positions can sway the totals, and holdings on other exchanges or in spot are not counted, which leaves hedging unknown. No asset among the 20 largest leaned long by notional in any window, and by headcount only Monero (XMR) in the 7-day and 30-day groups had more longs than shorts. Current positions alone therefore cannot settle an individual trader's overall strategy or the market's next direction.

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Disclaimer: This article is provided for informational purposes only, based on public on-chain data, and does not recommend buying or selling any digital asset or any trading direction. The current positions and past performance of top traders do not guarantee future returns. All investment decisions and their consequences rest with the investor.