Satoshi Note’s latest Satoshi Index reading showed short positions nearly three times larger than longs across four crypto trading venues, although longs’ share of total exposure rose to 27% between two Nov. 4 snapshots.
The later snapshot, taken at 4:27 p.m. ET (21:27 UTC), put the four venue-level groups at about $868 million in longs and $2.39 billion in shorts. Long positions made up about 27% of the combined $3.26 billion notional.
At 2:48 a.m. ET (07:48 UTC) that day, the earlier reading showed $433 million long and $2.71 billion short, or about 14% long, across roughly $3.15 billion in positions. The later tally therefore had $435 million more in long notional and $321 million less in short notional.
The index combines accounts ranked by seven-day performance at each of Hyperliquid, Lighter, dYdX and Pacifica, with a separate top-100 list for each venue. Positions are aggregated by asset, so these figures describe selected accounts rather than all activity on the platforms.
Headcounts and dollar exposure did not move in the same way. In the seven-day Bitcoin (BTC) group, the index counted 115 long accounts and 106 short accounts, while notional was $248 million long against $743 million short. For Ether (ETH), it recorded 114 long accounts and 80 short, but $286 million in longs versus $507 million in shorts.
Satoshi Note refreshes the rankings hourly, which can change membership between snapshots. Rankings based on short-window performance may favor traders positioned on the right side of recent price moves. Because the group is re-ranked hourly, the aggregate shift does not establish that the same accounts switched from short to long.
The tally excludes spot holdings and positions on exchanges outside the four named venues. It cannot show whether accounts offset their listed trades elsewhere or establish a market-wide positioning balance.
The figures also differ sharply from a previous index reading: an Oct. 22 EconoTimes report on the seven-day group put its short share at 92% by position value. Each snapshot is a time-specific count of performance-ranked accounts, rather than a measure of the whole market.
