Satoshi Note’s Satoshi Index put short positions at about 92% of tracked crypto perpetual-futures value among accounts ranked on four venues, showing a sharp shift in one narrow measure of market positioning.
At 3:19 p.m. ET Nov. 12 (20:19 UTC), the 24-hour group held about $2 billion in shorts and $172 million in longs, leaving longs with a 7.9% share. The previous reading, taken about 21 hours earlier, showed $674 million in longs and $279 million in shorts, with longs accounting for 70.8%. Their share fell 62.9 percentage points between the snapshots.
In a separate 24-hour comparison of Hyperliquid prices ending at 6:41 p.m. ET Nov. 12, Bitcoin (BTC) was at $71,220, down 3.5%, while Ether (ETH) was at $2,014, down 1.7%. Within the index’s 24-hour group, BTC positions totaled about $38.1 million in longs and $812 million in shorts. Ether positions totaled $46.5 million in longs and $343 million in shorts.
The index ranks the 100 accounts with the strongest 24-hour performance separately on Hyperliquid, Lighter, dYdX and Pacifica, then aggregates their positions by asset. Because it refreshes the rankings hourly, snapshots may include different accounts; the comparison cannot establish that individual traders reversed their positions. EconoTimes has previously explained how the index’s rankings shape its readings.
The figures cover positions on those four venues and omit spot holdings and positions elsewhere, so they do not capture any offsetting exposure. The 24-hour group had about $251 million in unrealized gains, compared with an unrealized loss of about $29 million in the prior reading. Longs accounted for 8.1% of the seven-day group’s tracked value and 9.5% of the 30-day group’s.
