Where Did Top BTC Traders Enter? 83% of Shorts Cluster at $76,000–$80,000
Columns · · Satoshi Note Editorial
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83% of top-account BTC short exposure and 97% of long exposure was opened in the same price band: $76,000 to $80,000.
At 07:14 KST on November 4, BTC was trading near $77,814.
On the Satoshi Index, 243 top accounts held a BTC position — 159 short, 84 long.
We stacked their average entry prices by price band.
The result was one tight cluster.
Of about $910M in shorts, roughly $753M (83%) was entered between $76,000 and $80,000. Of about $109M in longs, roughly $106M (97%) fell in the same band.
So where does today's price sit relative to that money?
An entry price is the line that decides profit versus loss, and on this day in BTC most of the large money had that line right next to the current price.
1. Why look at entry prices
An entry price is a position's average fill price. Whether price is above or below it decides profit or loss.
A short profits when price is below entry and loses when it is above. A long is the opposite.
Stack entry prices by band and you see how much money was placed at each level — and whether the current price is on the winning or losing side of it.
2. The BTC entry distribution
Using the current price of $77,814, here is exposure by entry band.
| Entry band | Shorts (accounts · size) | Longs (accounts · size) |
|---|---|---|
| Below $76,000 | 26 · ~$24M | 8 · ~$1.1M |
| $76,000–78,000 | 54 · ~$301M | 40 · ~$67M |
| $78,000–80,000 | 30 · ~$451M | 14 · ~$39M |
| $80,000–82,000 | 31 · ~$101M | 8 · ~$0.3M |
| $82,000 and above | 18 · ~$33M | 14 · ~$1.8M |
Each band includes its lower bound. "Below $76,000" combines three finer bands.
Shorts piled up most at $78,000–80,000: about $451M, 49.6% of all short exposure.
Longs peaked at $76,000–78,000 with about $67M, and almost none were opened above $80,000.
3. Average entry sits near the current price
Size-weighted average entries:
| Average entry | vs. current price | |
|---|---|---|
| Shorts | $78,471 | +0.8% |
| Longs | $78,132 | +0.4% |
| Current price | $77,814 | — |
Both sides have an average entry slightly above the current price.
That is a gain for shorts and a loss for longs — but the gap is under 1%.
In practice, unrealized PnL across top-account BTC shorts was about +$7.7M, and across longs about −$0.44M. Small against the total size.
4. Money in profit, money in loss
Shorts entered above the current price: 86 accounts, about $593M. 65% of short money was in profit.
Shorts entered at or below it: 73 accounts, about $317M. 35% was in loss.
For longs, 51% of accounts (43) and 62% of the money were in profit.
Shorts are not winning by a landslide. Both sides are split between gain and loss, and the amounts are small.
The largest short stands out: a 5x Hyperliquid short of about $184M, entered at $76,389, currently about $3.4M under water. Its liquidation price is $137,703.
That single account is 20% of short exposure, and today it sits on the losing side.
5. What this map cannot tell you
An entry-price map has limits.
First, the entry price is an average. An account that scaled in and out has an average that doesn't match any single moment.
Second, it doesn't say when the position was opened. A position from today and one held for weeks share a row.
Third, the scope is top accounts, and 89% of short exposure is on Hyperliquid. Other venues are small by comparison.
Fourth, clustered entries do not imply that price will return to that level.
Wrap-up: most of BTC's big money has its line near today's price
83% of short exposure and 97% of long exposure among top BTC accounts was entered at $76,000–$80,000.
The $77,814 price sat in the middle of the band; 65% of short money was in profit and 35% in loss.
An entry-price map doesn't forecast price. It shows that today's price sits just above and below the profit/loss line for most large positions.
Frequently Asked Questions
What is an entry price and how is it calculated?
An entry price is the average fill price of a position. If a position was built in several fills in the same direction, it is the weighted average of those prices. We use the value each exchange publishes for each position.
Is a position at a loss whenever price is below its entry?
For a long, yes; for a short, it's the reverse. A long loses when price is below entry; a short profits when price is below entry. Gains and losses here are unrealized and not final until the position is closed.
If top traders' entries cluster, will price return there?
There is no basis for saying so. An entry price records where a position was opened, and this data cannot say whether price comes back. The article describes current positioning; it does not predict.
Check it yourself on the Satoshi Index
The Satoshi Index BTC page lists top-account BTC positions one by one, with size, leverage, entry price and unrealized PnL on each row. It opens without login and refreshes every 30 minutes (every 3 hours for dYdX).
Data basis: position snapshot at 07:14 KST on November 4, 2026. The current price is the median of position value divided by size in the same snapshot ($77,814). Covers the 243 accounts holding BTC among the top 100 by 7-day return on each of Hyperliquid, Lighter, dYdX and Pacifica; average entry is size-weighted. This content is market-data analysis, not investment advice.