[Satoshi Index] Top Crypto Traders on Hyperliquid, Lighter, dYdX and Pacifica See 24-Hour Long Share Drop to 10% as Bitcoin and Ether 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 7:35 a.m. KST on Nov. 11 (22:35 UTC on Nov. 10), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $236 million in long positions and $2.09 billion in short positions in crypto perpetual futures, a long share of about 10%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In yesterday evening's aggregation (3:13 p.m. KST) the same group held about $519 million long and $1.46 billion short, a long share of 26.3%. In the roughly 16 hours since, long notional fell by about $283 million and short notional rose by about $635 million, cutting the long share by 16.2 percentage points. On Hyperliquid prices, comparing 5:41 p.m. on Nov. 10 with 8:41 a.m. on Nov. 11, Bitcoin (BTC) moved from $74,519 to $73,797, down 1.0%, and Ethereum (ETH) from $2,111 to $2,053, down 2.7%.

The 7-day group holds about $243 million long and $2.47 billion short, a long share of 8.9%, down 2.3 points from 11.2% yesterday evening and about 91% short.

The 30-day group holds about $262 million long and $2.45 billion short, a long share of 9.7%, down 1.0 point from 10.7% yesterday evening. Unrealized P&L stands at a gain of about $222 million for the 24-hour group, $245 million for the 7-day group and $253 million for the 30-day group, all larger than yesterday evening.

BTC in the 24-hour group has 59 long and 163 short accounts, with more short accounts than yesterday evening's 93 long and 117 short. By notional the group holds about $69.2 million long and $760 million short, a long share of about 8%, with short notional above yesterday evening's $469 million. The 7-day group has 60 long and 172 short accounts, a long share by headcount of 26%, and the 30-day group has 65 long and 176 short.

ETH in the 24-hour group has 65 long and 126 short accounts, more short accounts than yesterday evening's 66 long and 96 short, and holds about $51.4 million long and $376 million short, a long share of about 12%, down from about 23%. The 7-day group has 58 long and 138 short accounts, a long share by headcount of 30%, and holds about $46.9 million long and $510 million short. The 30-day group has 58 long and 146 short accounts.

By asset, the 7-day move in Zcash (ZEC) was the largest among the assets that can be compared with yesterday evening's table. It had 43 long and 47 short accounts, a long share of 48% by headcount; in this edition it has 24 long and 83 short, or 22%. By notional the 7-day group holds about $2.9 million long against about $157 million short, a long share of 1.8%.

ZEC in the 24-hour group also went from 44 long and 56 short accounts to 22 long and 87 short. Its price is down 9.3% over 24 hours, a bigger drop than BTC or ETH, and the 24-hour group's unrealized gain on it is about $30.7 million. In the 24-hour group HYPE went from 63 long and 74 short accounts to 33 long and 123 short. Among the top 20 assets by notional, none show more long than short notional in the 24-hour group; yesterday evening there were two, Lighter (LIT) and BNB.

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. Over the past 24 hours BTC fell 1.8%, ETH 3.6% and ZEC 9.3%, and the 24-hour group's unrealized gain is larger than yesterday evening.

The figures also sum only the top-100 positions on four exchanges, so a few large positions can sway the notional split, as BTC's roughly $896 million of short notional in the 30-day group shows, and holdings on other exchanges or in spot are not counted, leaving any hedging unknown. 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.