[Satoshi Index] Top Crypto Traders Stay About 93% Short on Hyperliquid, Lighter, dYdX and Pacifica as Bitcoin and Ethereum Slide

‘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 3:32 p.m. KST on Nov. 6 (06:32 UTC), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $209 million in long positions and $2.93 billion in short positions, a short share of about 93%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In this morning's edition (aggregated at 6:13 a.m. KST) the same group held about $216 million long and $2.69 billion short. In the roughly nine hours since, long notional is little changed while short notional rose by about $240 million, taking the long share from 7.4% to 6.6%. On Hyperliquid prices, comparing 8:41 a.m. with 5:41 p.m., Bitcoin (BTC) moved from $75,963 to $75,688, down 0.4%, and Ethereum (ETH) from $2,235 to $2,230, down 0.2%. Over 24 hours BTC is down 6.0% and ETH down 7.9%.

The 7-day group holds about $213 million long and $2.84 billion short, a long share of about 7%, down 2.4 percentage points from 9.4% this morning, with long notional about $58 million lower. The 30-day group holds about $248 million long and $3.04 billion short, a long share of 7.5%, up 0.9 points from 6.6% this morning.

All three groups are about 92% to 93% short by notional. Unrealized gains stand at about $145 million for the 24-hour group, $135 million for the 7-day group and $156 million for the 30-day group, smaller than this morning but still gains.

BTC in the 24-hour group has 77 long and 160 short accounts, up 16 on the short side from 82 and 144 this morning. By notional the group holds about $91 million long and $917 million short, a long share of about 9%. The 7-day group has 71 long and 142 short accounts, lowering the long share by headcount from 38% to 33%, and the 30-day group has 83 long and 175 short.

ETH in the 24-hour group has 56 long and 145 short accounts, about $15 million long and $731 million short, a long share of about 2%. The 7-day group has 70 long and 99 short accounts, a long share by headcount of 41%, down from 43%, and holds about $80 million long and $622 million short. The 30-day group has 69 long and 142 short accounts.

By asset, the 7-day move in XRP was the largest among the top-20 assets checked. This morning it had 37 long and 43 short accounts, a long share of 46% by headcount; in this edition it has 24 long and 44 short, or 35%. In the 7-day group XRP holds about $3.7 million long and $60.5 million short, so short notional is larger. It is at $1.19, down 10.1% over 24 hours.

In the 7-day group Hyperliquid (HYPE) has 46 long and 133 short accounts, a long share by headcount of 26%, little changed from 27% this morning. In the 24-hour group it has 55 long and 107 short accounts, about $21 million long and $370 million short, a long share of about 5%, against 46 long and 106 short this morning. HYPE is at $77.72, down 7.2% over 24 hours.

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 HYPE are down 6% to 8% over 24 hours, and unrealized gains in all three groups remain above $100 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 $3.14 billion, up from about $2.91 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.