The top crypto traders tracked across Hyperliquid, Lighter, dYdX and Pacifica raised their long share to about 84% from 75% on Wednesday, November 4, as Bitcoin, Ethereum and Monero prices moved higher, according to the Satoshi Index, a daily series by crypto portfolio tracker Satoshi Note that analyzes top traders' positions using on-chain data.

The shift matters because the 24-hour cohort is the only one of the three performance windows tracked with more long than short notional, setting it apart from the 7-day group at a 13.8% long share and the 30-day group at 9.4%.

Long notional rises as shorts shrink

In the morning edition, aggregated at 7:14 a.m. KST, the 24-hour group held about $950 million in long positions against $312 million in short positions, a long share of roughly 75%. By the latest aggregation, short notional had fallen from about $129 million to about $69 million in the figures cited, lifting the long share from 65% to 78% in that breakdown, while the broader measure reached 84%.

Over the roughly nine and a half hours between the two readings, long notional rose by $100 million while short notional fell by $117 million. Total notional for the group was about $1.25 billion in the latest edition, close to the $1.26 billion recorded in the morning.

The index sums each exchange's top 100 accounts by 24-hour performance separately, by asset. It draws on the leading 100 accounts by return across Hyperliquid, Lighter, dYdX and Pacifica, with their positions organized per coin and expressed as a ratio of longs to shorts.

Bitcoin, Ethereum and Monero prices climb

On Hyperliquid prices, comparing 8:42 a.m. with 5:42 p.m. on Wednesday, Bitcoin moved from $77,781 to $78,391, a gain of 0.8%, while Ethereum rose from $2,285 to $2,325, up 1.8%. Monero was quoted at $642.51, up 3.5% over 24 hours.

Monero saw the largest positioning change among the top-20 assets checked. The morning reading showed 40 long and 36 short accounts, a 53% long share by headcount; the latest edition shows 50 long and 26 short accounts, or 66%.

Despite the shift in account counts, Monero positioning in the 7-day group remains net short, with about $9.4 million in long notional against $23 million in short notional.

Zcash long share hits 97%, HYPE shorts cut

Zcash showed the strongest long skew in the 24-hour group, with 79 long and 21 short accounts. Long notional in the token came to roughly $138 million against only $3.8 million on the short side, putting the long share at 97%. That compares with about $202 million long and $54 million short, a 79% long share, in the morning edition.

Hyperliquid's HYPE token had 88 long and 30 short accounts in the 24-hour group, with about $178 million in long notional and $17 million in short notional. Short notional in HYPE fell from $47 million in the morning.

HYPE still carries the largest unrealized loss of any asset tracked, with the 7-day cohort down roughly $17 million on the token and the 30-day cohort down about $65 million. In the morning it had 74 long and 25 short accounts, and the token was at $1,290.35, up 14.5% over 24 hours.

Top crypto traders in longer windows stay heavily short

Accounts ranked by 7-day performance are positioned at roughly $433 million on the long side versus $2.71 billion on the short side, leaving a long share near 13.8%. That is up from 13.0% in the morning, with longs adding $15 million in notional and shorts shedding $87 million over the same stretch.

Accounts ranked on 30-day performance show roughly $320 million of long exposure against $3.07 billion on the short side. That works out to a long share near 9.4%, a 0.3 percentage point gain from 9.1%, though the cohort remains positioned heavily to the downside. Within that group, 86 long and 170 short accounts hold about $904 million in short notional in the breakdown cited.

In the 7-day group, the count of 83 long and 157 short accounts was nearly unchanged, and short exposure declined to roughly $869 million from about $910 million earlier in the day.

What the long share does and does not show

The move in the 24-hour cohort's long share to 84% from 75% should not be read as those accounts piling into new positions. Because membership in each ranking is refreshed hourly based on performance over its window, the long-short split shifts whenever different accounts enter or leave the leaderboard.

Rankings built on short windows naturally surface whichever traders happened to be positioned correctly for that period's price action. In this edition, prices of BTC, ETH and ZEC are up over 24 hours, and the 24-hour group's unrealized result swung from a loss of about $12.6 million to a gain of about $6.5 million.

The data capture just the leading 100 accounts on each of the four venues, meaning a handful of outsized bets can tilt the notional balance. Holdings on other exchanges or in spot are not counted, leaving any hedging unknown, and current positions describe the present rather than where the market goes next.

Conclusion

The latest Satoshi Index reading shows the top 100 accounts by 24-hour return on Hyperliquid, Lighter, dYdX and Pacifica at an 84% long share, up from 75% in the morning, with total notional little changed at about $1.25 billion. The 7-day and 30-day cohorts remain net short at 13.8% and 9.4% long shares, respectively. Because the rankings are re-selected hourly on performance, the next hourly aggregation will show whether the long skew holds as account composition and prices change.

Frequently Asked Questions

What is the long share of top crypto traders on Hyperliquid, Lighter, dYdX and Pacifica?

The top 100 accounts by 24-hour return across the four exchanges held an 84% long share in the latest Satoshi Index edition on November 4, up from 75% in the morning reading aggregated at 7:14 a.m. KST. The 7-day group was at 13.8% and the 30-day group at 9.4%.

How much did Bitcoin and Ethereum prices move on November 4?

On Hyperliquid prices, comparing 8:42 a.m. with 5:42 p.m., Bitcoin rose from $77,781 to $78,391, up 0.8%, and Ethereum climbed from $2,285 to $2,325, up 1.8%. Monero was at $642.51, up 3.5% over 24 hours.

Does the rise in long share from 75% to 84% mean top traders added positions?

No. The groups are re-selected every hour based on performance over each window, so when the accounts in the ranking change, the direction split changes with them. Total notional was about $1.25 billion in the latest edition, close to the $1.26 billion in the morning.

Which asset had the largest positioning change among top traders?

Monero saw the largest change among the top-20 assets checked. Its long share by headcount rose from 53% in the morning, with 40 long and 36 short accounts, to 66% in the latest edition, with 50 long and 26 short accounts.

What is the Satoshi Index from Satoshi Note?

The Satoshi Index is a daily data series produced by Satoshi Note, a crypto portfolio tracker, that examines how leading traders are currently positioned by drawing on on-chain data. It tracks the top 100 accounts by return on Hyperliquid, Lighter, dYdX and Pacifica, grouped by coin and shown as a long/short ratio.