[Satoshi Index] 24-Hour Top Crypto Traders on Hyperliquid, Lighter, dYdX and Pacifica Go From 12% to 74% Long Overnight; Bitcoin (BTC) Moves to 151 Long and 53 Short Accounts While the 7-Day and 30-Day Groups Stay About 90% 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 7:38 a.m. KST on Oct. 28 (22:38 UTC Oct. 27), about 74% of the position notional held by the top traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined is long. Longs total about $942 million and shorts about $335 million, with the top 100 on each exchange counted separately and then summed by asset.

Compared with yesterday's evening edition (aggregated at 5:20 p.m. KST), the same group's long notional grew 2.8 times from about $341 million to $942 million, while shorts fell 86% from about $2.39 billion to $335 million. A 12% long share became 74% in about 14 hours. Over the same stretch Bitcoin (BTC) moved from $79,712 to $80,912, up 1.5%, and Ethereum (ETH) from $2,309 to $2,350, up 1.8%, while Zcash (ZEC) rose 6.0% from $1,237 to $1,311 and Hyperliquid (HYPE) rose 4.6% from $77.70 to $81.30.

The top group by 7-day performance holds about $368 million long and $3.17 billion short, a long share of about 10%. Longs grew by $44 million and shorts by $59 million from the evening edition's 9% ($324 million long, $3.11 billion short), so the share is almost unchanged. Its unrealized result, though, went from a gain of about $38 million in the evening edition to a loss of about $21 million.

The 30-day group holds about $342 million long and $3.47 billion short, a short share of about 91%, the same as yesterday evening, and its unrealized result moved from a gain of about $22 million to a loss of about $56 million. Of the three groups, only the 24-hour group is at a 26% short share; the 7-day and 30-day groups remain at 90% to 91% short.

BTC in the 24-hour group has 151 long and 53 short accounts, about $339 million long and $73 million short, a long share of 82%. Yesterday evening the same group had 69 long and 139 short accounts, about $76 million long and $819 million short, a short share of 92%. The 7-day group is 78 long and 149 short, 31 fewer short accounts than the 68 long and 180 short of the evening edition, but by notional it is still 92% short with about $987 million short against $91 million long, and the 30-day group is 90 long and 153 short (93% short). BTC positions in the 24-hour group carry an unrealized loss of about $4.6 million, the largest loss of any asset in that group.

ETH in the 24-hour group has 104 long and 59 short accounts, about $105 million long and $65 million short, a long share of 62%. Yesterday evening it was 70 long and 119 short with about $696 million short, a short share of 98%. The 7-day group holds about $898 million short (97% short) and the 30-day group about $942 million short (88% short), unchanged from the evening edition. ETH's unrealized result is a loss of about $2.6 million in the 24-hour group, a gain of about $5.4 million in the 7-day group and a gain of about $3.1 million in the 30-day group, all smaller than the $17 million to $22 million gains in every window yesterday evening.

By asset, the biggest move in the 7-day group among the top 20 by notional came in Hyperliquid (HYPE). HYPE went from 49 long and 91 short accounts with a 6% long share by notional in the evening edition to 64 long and 77 short, about $78 million long and $220 million short, a 26% long share. The figure has gone 6% on the evening of Oct. 26, 15% on the morning of Oct. 27, 6% that evening and now 26%, moving every edition. HYPE positions carry the largest unrealized loss in the 7-day group, about $37 million, and in the 30-day group, about $60 million, while in the 24-hour group HYPE is 92 long and 24 short, about $141 million long and $58 million short (71% long) with a gain of about $7.3 million. HYPE is at $81.30, up 3.9% over 24 hours.

Zcash (ZEC) in the 24-hour group has 83 long and 21 short accounts, about $124 million long and $7.9 million short, a long share of 94%. Yesterday evening it was 45 long and 44 short with about $54 million long and $166 million short (25% long), so short notional has shrunk by 95%. ZEC is at $1,311, up 6.2% over 24 hours, the largest gain among the top assets by notional, and in the 7-day group it is 43 long and 67 short with a 26% long share, close to the 30% of the evening edition. NEAR Protocol (NEAR) in the 24-hour group is also 37 long and 25 short, about $43 million long and $2.7 million short (94% long); its short notional fell from about $45 million yesterday evening to $2.7 million, and its unrealized gain of about $15.6 million is the largest in the 24-hour group.

A 24-hour group that went from 88% short to 74% long overnight does not mean the accounts in yesterday's evening edition closed shorts and opened longs. The group is re-selected every hour on one day's performance, so on a day when prices rise, accounts holding longs climb into the ranking and accounts holding shorts drop out. The number of ranked accounts also changed, from 484 yesterday evening to 500. That the 7-day and 30-day groups' short shares barely moved over the same hours, staying at 90% to 91%, shows the difference.

The figures also sum only the top-100 positions on four exchanges, so a few large positions can sway the notional split, and holdings on other exchanges or in spot are not counted, leaving any hedging unknown. By notional, 17 of the top 20 assets in the 24-hour group lean long, all but Solana (SOL), Cardano (ADA) and Pepe (PEPE), while none does in the 7-day or 30-day group; by headcount only Monero (XMR) in the 7-day group has more long accounts than short. Current positions describe the present, not where the market goes next.

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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.