94 Wallets Missing From the Liquidation Totals: Read the Gaps Before the Sum
Columns · · Satoshi Note Editorial
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A liquidation total is the sum of only the places where the number is known. Without saying how many are missing, the figure can look smaller or larger than reality.
At a glance
- On 2026-11-09, of 227 public Bitcoin wallets, 133 have a known liquidation price and 94 do not and are left out.
- The 94 are dYdX 70, Pacifica 11, Hyperliquid 10, Lighter 3.
- Whether the missing wallets are long or short, and how large, cannot be known from this tally.
94 of 227 wallets are not in the total
Reference time is 12:01 KST on 2026-11-09, from Satoshi Note's tally. The trader ranking collection is from 09:59 KST the same day. 227 public wallets held Bitcoin; 133 of them (26 long, 107 short) have a liquidation price. The other 94 have none and cannot enter the liquidation map or totals.
| Exchange | Missing wallets |
|---|---|
| dYdX | 70 |
| Pacifica | 11 |
| Hyperliquid | 10 |
| Lighter | 3 |
| Total | 94 |
The 133 included wallets are Hyperliquid 59, Lighter 41, Pacifica 33. For Bitcoin, no dYdX wallet made it into the total.
Why they drop out differs by exchange
This post did not open each missing wallet to confirm the cause. In general, a value is empty when the exchange does not supply a liquidation price, or when the account backs everything with one pool of collateral so a single position has no separate liquidation price. Which applies can differ by exchange and account.
Limits this creates when reading a total
- Looks smaller than it is: missing positions are not added, so real liquidation exposure may be larger than the visible figure.
- Direction unknown: we do not know whether the 94 lean long or short, so whether the "far more shorts" impression holds once they are included is unverified.
- Changes with time: a few days ago the numbers were different. At 14:43 KST on 11-06, 77 of 231 were missing, with a different exchange mix. Wallets come and go and positions open and close.
Why Satoshi Note lists the missing count next to the figure
A screen that shows only the sum suggests "this is everything." Putting the missing count beside the number lets a reader gauge what the sum covers. It is like measuring the height of 30 classmates when 10 refuse: you get an average, but not the class's average.
FAQ
Is there a way to find out the 94?
If the exchange supplies liquidation prices, or one can be computed from position data, it can be filled in. Calculation rules differ by exchange, so unverified values are not filled in arbitrarily.
Does a high missing count mean the numbers can't be trusted?
Not that the numbers are wrong, but that they cover only wallets where the value is known. Reading them with that scope in mind works.
Is it the same for other coins?
Holders and exchange mix differ per coin, so the missing count does too. This post checked only Bitcoin.
The word "liquidation" is unfamiliar.
See the liquidation primer and the glossary.
This is an analysis column written by the Satoshi Note team from public exchange data we collected ourselves. It does not predict price direction or recommend positions. The tally is as of 12:01 KST on 2026-11-09, based on public trader wallets, and changes with each collection.