‘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 5:54 a.m. KST on Nov. 7 (20:54 UTC, Nov. 6), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $748 million in long positions and $246 million in short positions in crypto perpetual futures, a long share of about 75%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In yesterday's evening edition (aggregated at 3:32 p.m. KST on Nov. 6) the same group held about $209 million long and $2.93 billion short, a long share of 6.6%. In the roughly 14 hours since, long notional rose by about $540 million while short notional fell by about $2.68 billion, and the group's total notional shrank from about $3.14 billion to about $994 million. On Hyperliquid prices, comparing 5:41 p.m. on Nov. 6 with 8:41 a.m. on Nov. 7, Bitcoin (BTC) moved from $75,688 to $75,984, up 0.4%, and Ethereum (ETH) from $2,230 to $2,242, up 0.6%. Over 24 hours BTC is down 0.1% and ETH up 0.2%.

The 7-day group holds about $323 million long and $2.70 billion short, a long share of 10.7%, up 3.7 percentage points from 7.0% yesterday evening but still about 89% short. The 30-day group holds about $248 million long and $3.04 billion short, a long share of 7.6%, little changed from 7.5%.

The positioning splits by time frame: the 24-hour group is 75% long, the 7-day group 89% short and the 30-day group 92% short. Unrealized P&L for the 24-hour group stands at a loss of about $20 million, against a gain of about $145 million yesterday evening, while the 7-day group shows a gain of about $109 million and the 30-day group about $135 million.

BTC in the 24-hour group has 101 long and 90 short accounts, compared with 77 long and 160 short yesterday evening. By notional the group holds about $190 million long and $67 million short, a long share of about 74%. The 7-day group has 74 long and 139 short accounts, a long share by headcount of 35%, up from 33%, and the 30-day group has 74 long and 190 short.

ETH in the 24-hour group has 62 long and 74 short accounts, about $134 million long and $53 million short, a long share of about 72%, against 56 long and 145 short yesterday evening. The 7-day group has 58 long and 105 short accounts, a long share by headcount of 36%, down from 41%, and holds about $62 million long and $626 million short. The 30-day group has 52 long and 151 short accounts.

By asset, the 7-day move in Zcash (ZEC) was the largest among the top-20 assets checked. Yesterday evening it had 32 long and 63 short accounts, a long share of 34% by headcount; in this edition it has 53 long and 51 short, or 51%. In the 7-day group ZEC holds about $73 million long and $212 million short, so short notional is still larger, but the long share rose from 4.1% to 25.8%.

In the 24-hour group ZEC has 69 long and 19 short accounts, about $123 million long and $20 million short, a long share of about 86%. It is at $1,323.85, up 3.5% over 24 hours. Hyperliquid (HYPE) in the 24-hour group has 76 long and 37 short accounts, a long share of about 84%, against 55 long and 107 short yesterday evening; in the 7-day group it has 42 long and 119 short, a long share by headcount of 26%, the same as yesterday. HYPE is at $78.53, up 2.1% over 24 hours.

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. The 24-hour group in particular can change its membership quickly, so the gap between yesterday evening and this morning cannot be read as the same accounts changing positions. Short-window rankings tend to lift the traders who were on the right side of that window's price moves. In this edition BTC and ETH are roughly flat over 24 hours, and the 24-hour group shows an unrealized loss.

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 24-hour group's total notional in this edition is about $994 million, roughly a third of yesterday evening's $3.14 billion. 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.