[Satoshi Index] Top Traders’ Long Share Hits 14%; BTC Longs Rise to 69, XMR Turns Net Long

‘Satoshi Index’ is a daily series by SATOSHI NOTE™ that analyzes top traders’ current positions using on-chain data. Data is updated hourly, and figures reflect the snapshot times stated in the article. [Editor’s note]

As of 2:54 p.m. on November 14, traders ranked highest by performance over the past 24 hours across Hyperliquid, Lighter, dYdX and Pacifica held approximately $266 million in long positions and $1.588 billion in short positions, putting the long share at about 14%. These figures sum positions by asset after separately selecting the top 100 traders by 24-hour performance on each exchange.

The 7:37 a.m. snapshot used for this morning’s report (9 a.m.) showed the same 24-hour group holding approximately $228 million in longs and $1.885 billion in shorts, with a long share of 10.8%. Over roughly seven hours, longs increased by about $38 million and shorts decreased by about $297 million, raising the long share by 3.6 percentage points. Comparing Hyperliquid prices at 8:40 a.m. and 5:41 p.m., Bitcoin (BTC) fell 1.6% from $68,162 to $67,065, while Ethereum (ETH) fell 1.3% from $1,924 to $1,898.

The 7-day group held approximately $173 million in longs and $2.096 billion in shorts, with a long share of 7.6%. That was similar to this morning’s 7.3%, leaving shorts above 90%.

The 30-day group held approximately $202 million in longs and $2.135 billion in shorts, with a long share of 8.7%. This was up 0.9 percentage points from 7.8% this morning. Unrealized profits totaled approximately $249 million for the 24-hour group, $358 million for the 7-day group and $376 million for the 30-day group.

BTC’s 24-hour group had 69 traders long and 165 short, with the long count rising and the short count falling from 49 and 201 this morning. Positions totaled approximately $63.5 million long and $653 million short, giving shorts a 91% share. The 7-day group had 66 traders long and 202 short, with approximately $40 million in longs and $836 million in shorts. The 30-day group had 65 traders long and 205 short.

ETH’s 7-day group had 64 traders long and 165 short. The share of traders holding longs rose from 21% this morning to 28%, the largest change among assets comparable with the morning table. The 24-hour group had 59 traders long and 121 short, with longs increasing and shorts decreasing from 43 and 159 this morning. Positions totaled approximately $30.6 million long and $247 million short, giving longs an 11% share. The 30-day group had 60 traders long and 168 short. The 24-hour group had approximately $47.3 million in unrealized profits.

HYPE’s 24-hour group held approximately $48.7 million in longs and $238 million in shorts, with a long share of 17.0%. Compared with approximately $51.2 million in longs and $197 million in shorts this morning (20.6% long), the value of longs was similar while shorts increased, reducing the long share. Trader counts shifted from 46 long and 94 short to 46 long and 105 short. The price fell 3.8% over 24 hours.

Monero (XMR)’s 24-hour group had 37 traders long and 30 short, with nearly equal position values of approximately $13.7 million long and $13.65 million short. This morning, longs totaled approximately $1.54 million and shorts $18.1 million, with a long share of 7.8%. Among the top 20 assets by position value, the number with more long than short exposure in the 24-hour group rose from one this morning, SPY, to three in the afternoon: XMR, MON and SPY.

These groups are selected again every hour based on performance over each period, so their directional shares can change as the accounts in the rankings change. Rankings over shorter periods favor traders who correctly anticipated price movements during that period. With BTC down 2.5% and ETH down 1.7% over 24 hours, the 24-hour group’s approximately $249 million in unrealized profits can also be viewed in light of this selection effect.

Because the figures only aggregate positions held by the top 100 traders on each of the four exchanges, a few large positions can heavily influence the overall shares by value. The approximately $836 million in BTC shorts held by the 7-day group is one example. Positions on other exchanges and spot holdings are excluded, so it is also impossible to determine whether positions are hedged. Current positions reflect the current situation alone; they do not indicate future direction.

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Investment notice: This article is for informational purposes and is based on public on-chain data. It does not recommend buying or selling any particular crypto asset or taking any investment direction. Top traders’ current positions and past performance do not guarantee future returns. Investors bear sole responsibility for all investment decisions.