‘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 7:37 a.m. KST on Nov. 14 (22:37 UTC on Nov. 13), the top 100 traders by 24-hour performance on Hyperliquid, Lighter, dYdX and Pacifica combined hold about $228 million in long positions and $1.885 billion in short positions in crypto perpetual futures, a long share of about 11%. The figure sums each exchange's top 100 by 24-hour performance separately, by asset.

In yesterday evening's aggregation (3:22 p.m. KST on Nov. 13) the same group held about $123 million long and $1.984 billion short, a long share of 5.8%. In the roughly 16 hours since, long notional rose by about $105 million and short notional fell by about $99 million, lifting the long share by 5.0 percentage points. On Hyperliquid prices, comparing 5:41 p.m. yesterday with 8:40 a.m. today KST, Bitcoin (BTC) moved from $68,848 to $68,162, down 1.0%, and Ethereum (ETH) from $1,936 to $1,924, down 0.6%.

The 7-day group holds about $173 million long and $2.18 billion short, a long share of 7.3%, close to yesterday evening's 7.5% and still more than 90% short.

The 30-day group holds about $188 million long and $2.22 billion short, a long share of 7.8%, up from 7.2% yesterday evening. Unrealized P&L stands at a gain of about $298 million for the 24-hour group, $347 million for the 7-day group and $362 million for the 30-day group.

BTC in the 24-hour group has 49 long and 201 short accounts, with fewer short accounts than yesterday evening's 46 long and 220 short. By notional the group holds about $6.6 million long and $818 million short, more than 92% short. The 7-day group has 57 long and 215 short accounts and holds about $77.5 million long and $897 million short. The 30-day group has 60 long and 204 short accounts.

ETH in the 24-hour group has 43 long and 159 short accounts, with fewer long accounts than yesterday evening's 60 long and 162 short. It holds about $7.5 million long and $344 million short, a long share of about 2%. The 7-day group has 49 long and 182 short accounts and holds about $12.2 million long and $387 million short, and the 30-day group has 54 long and 175 short accounts.

In the 24-hour group Hyperliquid (HYPE) holds about $51.2 million long and $197 million short, a long share of 20.6%. Yesterday evening the group held about $11.5 million long and $227 million short (4.8%), so long notional is now more than four times higher. Headcount barely moved, from 46 long and 101 short accounts to 45 long and 94 short, so the change came from position size rather than the number of accounts. The price is down 1.1% over 24 hours.

In the 7-day group HYPE has 37 long and 131 short accounts, and its long share by headcount fell from 28% yesterday evening to 22%, the largest change among the assets that can be compared with yesterday's table. The group holds about $6.2 million long and $269 million short, and the 30-day group has 37 long and 124 short accounts. Among the top 20 assets by notional, the one with more long than short notional in the 24-hour group changed from Nvidia (NVDA) yesterday to SPY today.

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. With BTC down 4.4% and ETH down 4.6% over 24 hours, the 24-hour group's unrealized gain of about $298 million can be read alongside that selection effect.

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 $897 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.

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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.