The Top 100 and Ranks 101–200 Look in Opposite Directions — One Pill Over, BTC Longs Go from 28% to 64%

Reading the Index — analysis pieces that read the Satoshi Index numbers one angle at a time. Figures here are from the October 26, 2026 snapshot taken at 13:17 KST (04:17 UTC), 24-hour ROI ranking, four exchanges combined (Hyperliquid, Lighter, dYdX, Pacifica).

At the top of every Satoshi Index coin page there is a "Top 100 / 200" pill. It chooses whether you look at each exchange's ROI ranking down to 100th place or 200th. Most people leave it at the default, 100. But put the two settings next to each other and the picture is less similar than you would expect.

At a glance

• The Satoshi Index (Satoshi Note's public board that combines the positions of the top-return accounts on Hyperliquid, Lighter, dYdX and Pacifica) offers a top-100 and a top-200 pill per exchange. Ranks 101–200 add only 8% of the money, but in BTC, ETH and SOL the two pills lean opposite ways.
• October 26 snapshot: top 100 BTC 64 long / 166 short (28% long); ranks 101–200 BTC 65 long / 36 short (64% long). ETH 65·141 vs 56·33, SOL 31·108 vs 31·22. Overall long share 32% → 33%.
• The top-100 shorts are the accounts that made money in a falling market, which is why the pill looks that way. Neither pill is the right one; read both. No forecast, no recommendation.

What ranks 101–200 add

(Four exchanges × 100 should be 400, but each exchange's ROI top 100 and PnL top 100 are merged, which gives 475.)

The first thing to notice is the size of the money. The 238 accounts in ranks 101–200 add $260M of positions, long and short together, which is 8% of the $3.1B total. A top-100 BTC short averages $5.1M; a 101–200 BTC short averages $0.7M. One pill over, the money drops by an order of magnitude.

Across all positions, the long share barely moves: 32% to 33%. Stop here and the conclusion is "200 looks the same as 100."

But the big coins flip

Split it by coin and it does not.

In BTC, ETH and SOL, ranks 101–200 are majority long. The top 100 is 72% short; the hundred right below it is 64% long. Same day, same coin, one pill apart, opposite direction. HYPE looks alike in both, and ZEC is even more short in the lower band. So the "32% → 33%" total is the big coins flipping and the alts staying put, cancelling each other out.

Why it comes out this way

This is a 24-hour ROI (or PnL) ranking. The top 100 is "the accounts that made the most today." Over the last 7 days BTC fell 2.3%, ETH 3.7%, SOL 4.0%; over 30 days, 5%, 14% and 17%. In a falling market, "the accounts that made the most are short" is close to a restatement of the result. Ranks 101–200 are "the accounts that made a little," and among those are accounts that went the other way and are not yet down much. So the lower band is mixed, and in the biggest coins the mix tilts long.

Put differently, the top 100's 72% BTC short does not mean "top traders are bearish on BTC." It means "in a market that just fell, the winning side was short." The two sentences are about the same length and mean different things.

Which pill to read

There is no right answer; we suggest reading both. Top 100 shows where the money went, 200 shows how many accounts just outside stand on the other side. When the two lean opposite ways, as on October 26, that is a sign the top 100's direction should not be read as "what top traders think." It reads differently from a day when both pills lean the same way.

What we can do is put the two pills next to each other. Showing both bands on one screen does not exist yet, and we have not decided whether to build it.

FAQ

Why do the top 100 and ranks 101–200 point in different directions?

The ranking is by 7-day return, so in a down week the top 100 fills with accounts that won on shorts, and the band just below them fills with accounts that held longs. It is less a difference of opinion than a difference of who won this week.

Is the top-200 pill more accurate?

It is wider, not more accurate. Ranks 101–200 add only 8% of the $3.1B total notional, so the money split barely moves while the head-count split moves a lot. Switching between the two pills is the intended use.

Where can I check these numbers myself?

On any Satoshi Index coin page at satoshinote.io/traders/coins, with the "Top 100 / 200" pill. No login; refreshed every 30 minutes (dYdX every 3 hours).

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This is an analysis column written by the Satoshi Note team from Satoshi Index numbers. It does not forecast price or recommend any position. The figures can be checked at the same timestamp with the "Top 100 / 200" pill on any Satoshi Index coin page.