[Satoshi Index] Top Crypto Traders' 24-Hour Short Notional Falls to $1.51 Billion From $1.97 Billion on Hyperliquid, Lighter, dYdX and Pacifica as Zcash Long Share Rises

‘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 2:48 p.m. KST on Nov. 2 (5:48 a.m. UTC), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $368 million in long positions and $1.51 billion in short positions, a long share of about 20%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In this morning's edition (aggregated at 6:47 a.m. KST) the same group held about $363 million long and $1.97 billion short, a long share of about 16%. In the roughly eight hours since, long notional was nearly unchanged and short notional fell by $455 million. On Hyperliquid prices, comparing 8:41 a.m. with 5:41 p.m. today, Bitcoin (BTC) moved from $78,296 to $78,347, up 0.1%, and Ethereum (ETH) from $2,274 to $2,301, up 1.2%.

The top group by 7-day performance holds about $552 million long and $2.42 billion short, a long share of about 18.6%, up from 15.5% this morning as long notional rose by $112 million. Its unrealized gain went from about $96 million to about $74 million.

The 30-day group holds about $326 million long and $3.06 billion short, a long share of about 9.7%, up from 8.7% this morning. The short-heavy pattern remains in all three groups: 19.6% long in the 24-hour group, 18.6% in the 7-day group and 9.7% in the 30-day group.

BTC in the 24-hour group has 110 long and 97 short accounts, close to this morning's 113 and 99. By notional the group holds about $78.5 million long and $331 million short, a long share of 19%, versus 21% this morning. In the 7-day group the 94 long and 133 short accounts hold about $815 million short, the same as this morning, and the 30-day group has 84 long and 172 short accounts with about $897 million short.

ETH in the 24-hour group has 95 long and 87 short accounts, about $106 million long and $266 million short, a long share of 29%. This morning it held about $87 million long and $432 million short, a long share of 17%. ETH's unrealized gain in this group fell from about $4 million to about $0.2 million, and the 7-day group's gain fell from about $17 million to about $11 million.

By asset, the 7-day move in Plasma (XPL) was the largest. This morning it had 22 long and 21 short accounts, a long share of 51% by headcount; in this edition it has 17 long and 22 short, or 44%, the largest change among the top-20 assets checked. In the 7-day group XPL holds about $2.8 million long and $18.8 million short.

In the 24-hour group Zcash (ZEC) has 44 long and 70 short accounts, versus 27 long and 87 short this morning. Its long notional rose from about $4.7 million to about $42 million and its short notional fell from about $198 million to about $147 million, lifting the long share from about 2% to 22%. It is at $1,267.55, up 1.2% over 24 hours. Hyperliquid (HYPE) has 28 long and 110 short accounts, with about $269 million short, more than this morning, and is at $86.87, down 1.2% over 24 hours. HYPE carries the largest unrealized loss of any asset: about $26 million in the 24-hour group and $37 million in the 30-day group.

A 24-hour group whose short notional fell from $1.97 billion to $1.51 billion does not mean those accounts reduced their positions. The groups are re-selected every hour on performance over each window, so when the accounts that make the ranking change, the direction split changes with them. Short-window rankings tend to lift the traders who were on the right side of that window's price moves. In the 24-hour group none of the top 20 assets by notional leans long, as in this morning's edition.

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. The 24-hour group's total notional in this edition is about $1.9 billion, down from $2.3 billion this morning. 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.