‘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 6:06 a.m. KST on Nov. 8 (21:06 UTC on Nov. 7), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $158 million in long positions and $2.37 billion in short positions in crypto perpetual futures, a short share of about 94%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In last evening's edition (aggregated at 4:19 p.m. KST) the same group held about $892 million long and $215 million short, a long share of 80.6%. In the roughly 13 hours 47 minutes since, long notional fell by about $734 million while short notional rose by about $2.15 billion. On Hyperliquid prices, comparing 5:41 p.m. on Nov. 7 with 8:42 a.m. on Nov. 8, Bitcoin (BTC) moved from $76,099 to $75,788, down 0.4%, and Ethereum (ETH) from $2,248 to $2,235, down 0.6%. Over 24 hours BTC and ETH are each down 0.2%.

The 7-day group holds about $212 million long and $2.82 billion short, a long share of 7.0%, down 2.2 percentage points from 9.2% last evening and about 93% short. The 30-day group holds about $305 million long and $3.01 billion short, a long share of 9.2%, up 0.6 points from 8.6%.

All three groups now lean short: the 24-hour group is 94% short, the 7-day group 93% short and the 30-day group 91% short, whereas last evening only the 24-hour group was long, at 81%. Unrealized P&L for the 24-hour group stands at a gain of about $124 million, against a loss of about $22 million last evening, while the 7-day group shows a gain of about $140 million and the 30-day group about $164 million.

BTC in the 24-hour group has 60 long and 160 short accounts, compared with 110 long and 73 short last evening. By notional the group holds about $38 million long and $738 million short, a long share of about 5%. The 7-day group has 73 long and 161 short accounts, a long share by headcount of 31%, down from 36%, and the 30-day group has 75 long and 186 short.

ETH in the 24-hour group has 68 long and 130 short accounts, about $33.5 million long and $504 million short, a long share of about 6%, against 96 long and 52 short last evening. The 7-day group has 56 long and 129 short accounts, a long share by headcount of 30%, down from 35%, and holds about $69.7 million long and $654 million short. The 30-day group has 54 long and 156 short accounts.

By asset, the 7-day move in LIT was the largest among the assets that can be compared with the previous table. Last evening it had 42 long and 50 short accounts, a long share of 46% by headcount; in this edition it has 25 long and 65 short, or 28%. In the 7-day group LIT's long notional fell from about $23.2 million to about $2.8 million against about $31.1 million short, a long share of 8.2%. In the 24-hour group LIT has 21 long and 67 short accounts and an unrealized loss of about $2.4 million.

The 7-day group in Zcash (ZEC) has 43 long and 64 short accounts, a long share by headcount of 40%, down from 47% last evening, and its long notional fell from about $10.8 million to about $5.9 million. In the 24-hour group ZEC has 37 long and 93 short accounts, about $3 million long and $241 million short, a long share of about 1%, and it is at $1,256.55, down 5.0% over 24 hours. Hyperliquid (HYPE) in the 24-hour group has 36 long and 108 short accounts, a long share of about 1%.

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 last 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, ETH and most other assets checked are down over 24 hours, and the 24-hour group shows an unrealized gain.

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 $740 million of short notional in the 24-hour 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.

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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.