[Satoshi Index] Top Crypto Traders' 24-Hour Long Share Jumps to 75% From 7% on Hyperliquid, Lighter, dYdX and Pacifica as Bitcoin, Ethereum and Zcash Rise

‘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 7:14 a.m. KST on Nov. 4 (10:14 p.m. UTC on Nov. 3), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $950 million in long positions and $312 million in short positions, a long share of about 75%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In yesterday evening's edition (aggregated at 3:39 p.m. KST on Nov. 3) the same group held about $180 million long and $2.56 billion short, a long share of about 7%. In the roughly 15 hours since, long notional rose by $770 million and short notional fell by $2.25 billion. On Hyperliquid prices, comparing 5:42 p.m. yesterday with 8:42 a.m. today, Bitcoin (BTC) moved from $76,492 to $77,781, up 1.7%, and Ethereum (ETH) from $2,250 to $2,285, up 1.6%.

The top group by 7-day performance holds about $418 million long and $2.80 billion short, a long share of about 13%, down from 16.5% yesterday evening as long notional fell by $71 million and short notional rose by $324 million. Its unrealized gain went from about $130 million to about $70 million.

The 30-day group holds about $305 million long and $3.05 billion short, a long share of about 9.1%, up 1.0 percentage point from 8.1% but still heavily short. The 24-hour group is the only one of the three with more long than short notional; the 7-day group is at 13.0% and the 30-day group at 9.1%.

BTC in the 24-hour group has 135 long and 52 short accounts, versus 58 and 172 yesterday evening. By notional the group holds about $242 million long and $129 million short, a long share of 65%, versus 6% before. In the 7-day group the 84 long and 159 short accounts are unchanged in number, while short notional rose from about $800 million to about $910 million. The 30-day group has 90 long and 167 short accounts with about $902 million short.

ETH in the 24-hour group has 104 long and 49 short accounts, about $202 million long and $54 million short, a long share of 79%. Yesterday evening it held about $28 million long and $574 million short, a long share of 5%. ETH's unrealized result in this group went from a gain of about $19 million to a loss of about $6 million, and the 7-day group's gain fell from about $17 million to about $12 million.

By asset, the 7-day move in Zcash (ZEC) was the largest. Yesterday evening it had 44 long and 67 short accounts, a long share of 40% by headcount; in this edition it has 32 long and 84 short, or 28%, the largest change among the top-20 assets checked. In the 7-day group ZEC holds about $16.5 million long and $209 million short. It is at $1,232.55, up 8.5% over 24 hours.

The same ZEC in the 24-hour group has 74 long and 25 short accounts, about $116 million long and $8.6 million short, a long share of 93%. Yesterday evening it held about $5.8 million long and $168 million short. Hyperliquid (HYPE) in the 24-hour group has 80 long and 35 short accounts, about $157 million long and $47 million short, with short notional down sharply from $379 million yesterday evening, and is at $85.60, up 1.9% over 24 hours. HYPE carries the largest unrealized loss of any asset: about $18 million in the 7-day group and $59 million in the 30-day group.

A 24-hour group whose long notional rose from $180 million to $950 million does not mean those accounts added to 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 this edition prices of BTC, ETH and ZEC rose while the 24-hour group's unrealized result went from a gain of about $120 million to a loss of about $12.6 million.

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 $1.26 billion, down from $2.74 billion yesterday evening. 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.