Ethereum: the people are long, the money is short — 86 of 98 longs are under $1M, and three accounts hold 68% of the short money
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Reading the Index — analysis pieces that read the Satoshi Index numbers one angle at a time. Figures here are from the October 27, 2026 snapshot at 14:29 KST (05:29 UTC), top 100 by 24-hour return, four exchanges (Hyperliquid, Lighter, dYdX, Pacifica) combined. Per-account figures come from the ETH coin page at the same time.
In today's snapshot ETH has 98 long accounts and 73 short. By head count, longs are 57% of the room. By dollars, longs hold $83.5M and shorts hold $186.0M, 2.2 times more. Same coin, same minute, and the two ways of counting point in opposite directions. This piece pulls that gap apart.
At a glance
- On October 27 the Satoshi Index (Satoshi Note's public board that combines the positions of top-return accounts on Hyperliquid, Lighter, dYdX and Pacifica) shows ETH at 98 longs vs 73 shorts by account, but $83.5M long vs $186.0M short by size.
- 86 of the 98 longs are under $1M each, while $126.9M of the $186.0M short (68%) sits in three Hyperliquid accounts. Right now 86 of 98 longs are in unrealized loss and 62 of 73 shorts are in unrealized profit.
- Head count answers "how many see it that way"; dollars answer "how much is riding on it". Not a forecast, not a recommendation.
Who are the 98 longs — small accounts on Lighter and dYdX
Pull the exchanges apart with the exchange pills and the source of the longs is obvious.
| Exchange | ETH long · short (accounts) | Long $ | Short $ | Median long position |
|---|---|---|---|---|
| Hyperliquid | 12 · 18 | $42.2M | $175.8M | $0.44M |
| Lighter | 31 · 9 | $26.8M | $1.9M | $0.12M |
| dYdX | 35 · 23 | $12.2M | $3.9M | $0.03M |
| Pacifica | 20 · 23 | $2.3M | $4.5M | $0.05M |
66 of the 98 longs are on Lighter and dYdX. Both venues lean long by dollars too (93% and 76%), but the median long position is $120K and $30K. Across all 98 longs, 86 are under $1M and 55 are under $100K. The three largest longs on the board (Hyperliquid 0xa61c $25.2M, Lighter 0x1030 $11.4M, Lighter 0xc179 $10.1M) add up to $46.7M, less than the single largest short.
Who holds the $186M short — three Hyperliquid accounts
$126.9M of the $186.0M short, 68%, belongs to three top-ranked Hyperliquid accounts.
| Account | Short $ | Leverage | Entry | Unrealized P&L | Also in 7-day · 30-day rankings? |
|---|---|---|---|---|---|
| 0x7fda | $61.0M | 25x | $2,458 | +$3.8M | both |
| 0xdf95 | $47.4M | 25x | $2,411 | +$2.0M | both |
| 0xecb6 | $18.5M | — | — | — | both |
All three are also in the 7-day and 30-day top 100. They are not accounts that popped in on yesterday's return; they have held a place on the board for a month. The average short is $2.55M, the average long $0.85M, a 3x gap. The shorts are big accounts holding big size; the longs are small accounts holding small size.
Who is winning right now — 86 longs losing, 62 shorts winning
Total unrealized P&L on ETH is +$2.6M, but split by side it is longs −$3.6M and shorts +$6.2M. By account, 86 of 98 longs are in loss and 62 of 73 shorts are in profit. With the mark at $2,316 (14:58 KST), the large longs entered between $2,398 and $2,552 and the large shorts between $2,411 and $2,458. The mark is below both sets of entries, so the big longs are under water and the big shorts are in profit. "Longs are many" and "longs are right" are different numbers.
Change the window — on 7 days and 30 days both people and money are short
The long head count exists only in the 1-day window. On 7 days it is 64 long vs 141 short, $32.7M vs $862.4M (longs 4% of dollars). On 30 days it is 72 vs 161, $133.8M vs $916.6M (longs 13%). Of the 98 one-day longs, 36 also appear in the 30-day ranking, and all 36 are long there as well. The other 62 made the list on yesterday's return alone. The one-day "long majority" is largely a count of small accounts that won yesterday.
Limits
- Both head count and dollars cover the top 100 accounts by return, not market-wide open interest.
- The one-day ranking is rebuilt from the past 24 hours of return, so its membership changes daily. The same numbers tomorrow may describe different accounts.
- Whether a large short is a hedge against a large spot holding cannot be told from the position figures alone.
- dYdX is aggregated every 3 hours and can lag the other three.
FAQ
If 98 accounts are long, are top traders bullish on ETH?
By head count it looks that way, but 86 of those 98 hold under $1M and 86 are currently losing. By dollars the short side is 2.2x larger, and 68% of that short money belongs to three accounts that have been on the board for a month. Head count and dollars have to be read separately.
Should I look at account count or dollar size?
Both, but they answer different questions. Count says "how many see it that way"; dollars say "how much is riding on it". When they disagree, a few large accounts are driving the dollar figure, and the quickest check is to open the coin page and look at the top accounts directly.
Where can I see these numbers myself?
On the Satoshi Index ETH coin page (satoshinote.io/traders/coins/eth): the exchange pills, the window pills, and the account list below them. It opens without login and refreshes every 30 minutes (dYdX every 3 hours).
This column was written by the Satoshi Note team from a reading of the Satoshi Index figures. It does not forecast price direction or recommend positions. Per-exchange and per-account figures are on the Satoshi Index ETH coin page; per-window figures are under the window pills.