[Satoshi Index] Top Crypto Traders on Hyperliquid, Lighter, dYdX and Pacifica Cut 24-Hour Long Share From 71% to 8% as Bitcoin and Ether Slip

‘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 5:19 a.m. KST on Nov. 13 (20:19 UTC on Nov. 12), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $172 million in long positions and $2.0 billion in short positions in crypto perpetual futures, a long share of about 8%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In yesterday morning's aggregation (8:09 a.m. KST on Nov. 12) the same group held about $674 million long and $279 million short, a long share of 70.8%. In the roughly 21 hours since, long notional fell by about $502 million and short notional rose by about $1.72 billion, lowering the long share by 62.9 percentage points. On Hyperliquid prices, comparing 8:42 a.m. on Nov. 12 with 8:41 a.m. on Nov. 13, Bitcoin (BTC) moved from $73,791 to $71,220, down 3.5%, and Ethereum (ETH) from $2,050 to $2,014, down 1.7%.

The 7-day group holds about $193 million long and $2.19 billion short, a long share of 8.1%, down 2.3 points from 10.4% yesterday morning and still more than 90% short.

The 30-day group holds about $235 million long and $2.25 billion short, a long share of 9.5%, down 0.8 points from 10.3% yesterday morning. Unrealized P&L stands at a gain of about $284 million for the 7-day group and $285 million for the 30-day group. The 24-hour group shows a gain of about $251 million, against a loss of about $29 million yesterday morning.

BTC in the 24-hour group has 66 long and 186 short accounts, a very different split from yesterday morning's 140 long and 48 short. By notional the group holds about $38.1 million long and $812 million short, a long share of about 5%. The 7-day group has 77 long and 167 short accounts, a long share by headcount of 32%, and holds about $69.5 million long and $823 million short. The 30-day group has 83 long and 183 short.

ETH in the 24-hour group has 56 long and 146 short accounts, more short accounts than yesterday morning's 96 long and 41 short, and holds about $46.5 million long and $343 million short, a long share of about 12%, down from about 76%. The 7-day group has 53 long and 154 short accounts, a long share by headcount of 26%, and holds about $13.1 million long and $427 million short. The 30-day group has 62 long and 161 short accounts.

By asset, the 7-day move in Hyperliquid (HYPE) was the largest among the assets that can be compared with yesterday morning's table. It had 36 long and 139 short accounts, a long share of 21% by headcount; in this edition it has 44 long and 112 short, or 28%. By notional the 7-day group holds about $8.3 million long against about $295 million short, a long share of about 3%, and its unrealized P&L on the asset is a loss of about $2.3 million.

In the 24-hour group Zcash (ZEC) went from 47 long and 31 short accounts to 34 long and 85 short, and its notional is much larger on the short side, about $5.2 million long against about $119 million short. Its price is down 1.6% over 24 hours, and the group's unrealized gain on it is about $37.5 million. Among the top 20 assets by notional, the number with more long than short notional in the 24-hour group is one, Nvidia (NVDA); yesterday morning there were 13.

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. The 24-hour group's total notional rose from about $953 million yesterday morning to about $2.17 billion, a sign of how much the makeup of that group has changed.

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 $823 million of short notional in the 7-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.

Satoshi Note™: Get started with Satoshi Note, a crypto asset management app

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.