[Satoshi Index] Top Traders' 24-Hour Group Long Share Falls to 10%

‘Satoshi Index’ is a daily series by SATOSHI NOTE™ that analyzes top traders' current positions using on-chain data. Data is updated hourly, and figures reflect the compilation times stated in the article. [Editor's note]

As of 7:35 a.m. on November 11, positions held by the top-performing traders over the past 24 hours across Hyperliquid, Lighter, dYdX and Pacifica totaled approximately $236 million in longs and $2.092 billion in shorts, with longs accounting for about 10%. The figures aggregate positions by asset after separately identifying the top 100 performers over 24 hours on each exchange.

In yesterday evening's snapshot, compiled at 3:13 p.m., the same 24-hour group held approximately $519 million in longs and $1.457 billion in shorts, giving longs a 26.3% share. Over roughly 16 hours, longs decreased by approximately $283 million and shorts increased by approximately $635 million, lowering the long share by 16.2 percentage points. Comparing Hyperliquid prices at 5:41 p.m. yesterday and 8:41 a.m. today, Bitcoin (BTC) fell 1.0% from $74,519 to $73,797, while Ethereum (ETH) declined 2.7% from $2,111 to $2,053.

The seven-day group held approximately $243 million in longs and $2.473 billion in shorts, with longs accounting for 8.9%. That was down 2.3 percentage points from 11.2% yesterday evening, leaving shorts at approximately 91%.

The 30-day group held approximately $262 million in longs and $2.445 billion in shorts, with a long share of 9.7%, down 1.0 percentage point from 10.7% yesterday evening. Unrealized profits totaled approximately $222 million for the 24-hour group, $245 million for the seven-day group and $253 million for the 30-day group, with all three up from yesterday evening.

For BTC, the 24-hour group had 59 traders long and 163 short, an increase in short traders from yesterday evening's 93 long and 117 short. Positions totaled approximately $69.2 million in longs and $760 million in shorts, giving longs a share of about 8%. Short positions increased from approximately $469 million yesterday evening. The seven-day group had 60 traders long and 172 short, with longs accounting for 26% of traders, while the 30-day group had 65 long and 176 short.

For ETH, the 24-hour group had 65 traders long and 126 short, an increase in short traders from yesterday evening's 66 long and 96 short. Positions totaled approximately $51.4 million in longs and $376 million in shorts, with the long share falling to about 12% from about 23% yesterday evening. The seven-day group had 58 traders long and 138 short, with longs accounting for 30% of traders, and held approximately $46.9 million in longs and $510 million in shorts. The 30-day group had 58 traders long and 146 short.

Among assets that could be compared with yesterday evening's table, Zcash (ZEC) showed the largest change in its seven-day group. ZEC had 43 traders long and 47 short yesterday evening, with longs accounting for 48% of traders. In the latest snapshot, it had 24 long and 83 short, lowering that share to 22%. Positions totaled approximately $2.9 million in longs and $157 million in shorts, giving longs a 1.8% share.

ZEC's 24-hour group also saw an increase in short traders, moving from 44 long and 56 short to 22 long and 87 short. Its price fell 9.3% over 24 hours, a steeper decline than BTC and ETH, while its 24-hour group held approximately $30.7 million in unrealized profits. The 24-hour group for HYPE shifted from 63 traders long and 74 short to 33 long and 123 short. Among the top 20 assets by position value, Light (LIT) and BNB were the only two whose 24-hour groups held more in longs than shorts yesterday evening. There were none in the latest snapshot.

These groups are selected again every hour based on performance over each period, so changes in the accounts making the rankings can also change the directional shares. Shorter-term rankings favor traders who correctly anticipated price movements during that period. In this snapshot, BTC fell 1.8%, ETH 3.6% and ZEC 9.3% over the past 24 hours, while the 24-hour group's unrealized profits increased from yesterday evening.

The figures also aggregate only positions held by the top 100 traders on each of the four exchanges, so a few large positions can heavily influence the overall shares by value. The approximately $896 million in BTC shorts held by the 30-day group is one example. Holdings on other exchanges and spot holdings are excluded, making it impossible to determine whether positions are hedged. Current positions reflect only the current state and do not indicate future direction.

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Investment notice: This article is for informational purposes based on publicly available on-chain data and does not recommend buying or selling any particular crypto asset or taking any investment direction. Top traders' current positions and past performance do not guarantee future returns. Investors are solely responsible for all investment decisions.