‘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 6:27 a.m. KST on Nov. 5 (9:27 p.m. UTC on Nov. 4), the top 100 traders by 7-day performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $868 million in long positions and $2.39 billion in short positions, a long share of about 27%. The figure sums each exchange's top 100 by 7-day performance separately, by asset.

In last evening's edition (aggregated at 4:48 p.m. KST) the same group held about $433 million long and $2.71 billion short, a long share of about 14%. In the roughly thirteen and a half hours since, long notional rose by $435 million and short notional fell by $321 million. On Hyperliquid prices, comparing 5:42 p.m. yesterday with 8:41 a.m. today, Bitcoin (BTC) moved from $78,391 to $80,603, up 2.8%, and Ethereum (ETH) from $2,325 to $2,428, up 4.4%.

The top group by 24-hour performance holds about $1.02 billion long and $341 million short, a long share of about 75%, down 9 percentage points from 84% last evening. The 30-day group holds about $390 million long and $3.07 billion short, a long share of about 11%, up 1.9 points from 9.4% but still heavily short. Its unrealized result went from a gain of about $15 million to a loss of about $33 million.

BTC in the 7-day group has 115 long and 106 short accounts, up from 83 and 157 last evening, lifting the long share by headcount from 35% to 52%. By notional the group is still short-heavy, with about $248 million long and $743 million short. The 24-hour group has 161 long and 57 short accounts, a long share of 83%, and the 30-day group has 93 long and 158 short.

ETH in the 24-hour group has 128 long and 48 short accounts, about $319 million long and $27 million short, a long share of 92%, with an unrealized gain of about $15 million. The 30-day group has 58 long and 149 short accounts, about $117 million long and $743 million short, with an unrealized loss of about $20 million.

By asset, the 7-day move in Ethereum (ETH) was the largest. Last evening it had 61 long and 135 short accounts, a long share of 31% by headcount; in this edition it has 114 long and 80 short, or 59%, the largest change among the top-20 assets checked. In the 7-day group ETH holds about $286 million long and $507 million short, so short notional is still larger. It is at $2,428, up 6.3% over 24 hours.

In the 24-hour group Hyperliquid (HYPE) has 60 long and 55 short accounts, about $84 million long and $99 million short, a long share of 46%. Last evening it had 88 long and 30 short, a long share of 91%. HYPE is at $83.90, down 1.9% over 24 hours. In the 7-day group Monero (XMR) has 24 long and 24 short accounts, down from a 66% long share by headcount last evening to 50%.

A 7-day group whose long share rose from 14% to 27% does not mean those accounts added to their positions. 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. In this edition prices of BTC, ETH and ZEC are up over 24 hours, and the 24-hour group's unrealized gain went from about $6.5 million to about $21 million.

The figures also sum only the top-100 positions on four exchanges, so a few large positions can sway the notional split, and holdings on other exchanges or in spot are not counted, leaving any hedging unknown. The 7-day group's total notional in this edition is about $3.26 billion, close to the $3.15 billion last evening. 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.