[Satoshi Index] Top Traders' 24-Hour Long Share Rises to 11%; HYPE Longs Top 4x

‘Satoshi Index’ is a daily series by SATOSHI NOTE™ analyzing 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 7:37 a.m. on November 14, top-performing traders over the past 24 hours across four exchanges—Hyperliquid, Lighter, dYdX and Pacifica—held approximately $228 million in long positions and $1.885 billion in short positions, with longs accounting for about 11%. These figures are calculated by selecting the top 100 performers over 24 hours on each exchange separately, then adding their positions by asset.

At 3:22 p.m., the compilation time for yesterday evening's 6 p.m. report, the same 24-hour group held approximately $123 million in longs and $1.984 billion in shorts, with a long share of 5.8%. Over roughly 16 hours, longs increased by about $105 million and shorts decreased by about $99 million, raising the long share by 5.0 percentage points. Comparing Hyperliquid prices at 5:41 p.m. yesterday and 8:40 a.m. today, Bitcoin (BTC) fell 1.0% from $68,848 to $68,162, while Ethereum (ETH) fell 0.6% from $1,936 to $1,924.

The seven-day group held approximately $173 million in longs and $2.181 billion in shorts, with a long share of 7.3%. That was similar to yesterday evening's 7.5%, leaving shorts accounting for more than 90%.

The 30-day group held approximately $188 million in longs and $2.216 billion in shorts, with a long share of 7.8%. That was up 0.6 percentage points from 7.2% yesterday evening. Unrealized profits were approximately $298 million for the 24-hour group, $347 million for the seven-day group and $362 million for the 30-day group.

For BTC, the 24-hour group had 49 traders holding longs and 201 holding shorts, compared with 46 long and 220 short yesterday evening, reflecting a decline in the number holding shorts. Long positions totaled approximately $6.58 million and shorts about $818 million, with shorts accounting for more than 92%. The seven-day group had 57 traders holding longs and 215 holding shorts, with approximately $77.5 million in longs and $897 million in shorts. The 30-day group had 60 traders holding longs and 204 holding shorts.

For ETH, the 24-hour group had 43 traders holding longs and 159 holding shorts, compared with 60 long and 162 short yesterday evening, reflecting a decline in the number holding longs. Longs totaled approximately $7.51 million and shorts about $344 million, giving longs a share of about 2%. The seven-day group had 49 traders holding longs and 182 holding shorts, with approximately $12.2 million in longs and $387 million in shorts. The 30-day group had 54 traders holding longs and 175 holding shorts.

For HYPE (HYPE), the 24-hour group held approximately $51.2 million in longs and $197 million in shorts, with a long share of 20.6%. Compared with approximately $11.5 million in longs and $227 million in shorts yesterday evening, when the long share was 4.8%, the value of longs grew to more than four times its previous level. Trader counts changed little, from 46 long and 101 short to 45 long and 94 short, so the change in position value was larger than the change in trader numbers. The price fell 1.1% over 24 hours.

HYPE's seven-day group had 37 traders holding longs and 131 holding shorts. The share of traders holding longs fell from 28% yesterday evening to 22%, the largest change among assets that could be compared with yesterday's table. The seven-day group held approximately $6.19 million in longs and $269 million in shorts, while the 30-day group had 37 traders holding longs and 124 holding shorts. Among the top 20 assets by position value, the asset with more long than short value in the 24-hour group changed from Nvidia (NVDA) yesterday to SPY today.

These groups are selected again every hour based on performance over each period, so their directional shares can change as the accounts in the rankings change. Short-period rankings favor those positioned correctly for price movements during that period. The 24-hour group's unrealized profit of approximately $298 million, maintained while BTC fell 4.4% and ETH fell 4.6% over 24 hours, can also be read in light of this selection effect.

The figures also include only the positions of 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 $897 million in BTC shorts held by the seven-day group is one such example. Positions on other exchanges and spot holdings are excluded, so it is also impossible to determine whether these positions are hedged. Current positions show only the current state; they do not indicate future direction.

Go to SATOSHI NOTE™: Get started with SATOSHI NOTE

Investment notice: This article is for informational purposes based on public 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 and their consequences.