Smart money is 15 to 1 long on ether, but only 2 to 1 on Zcash
DeepSea's Long / Short panel shows all seven of its biggest coins leaning long. Ether and NEAR are the most one-sided, while bitcoin carries the largest short bets.
Key points
- Smart money held $1.12 billion of ether longs against $74.86 million of shorts, a 14.91 to 1 ratio, DeepSea showed at 6:31 a.m. ET on November 5, 2026.
- NEAR was almost as lopsided at 13.35 to 1. Zcash was the least one-sided of the seven coins listed, at 2.35 to 1.
- Bitcoin had the biggest short bets in dollars: $172.48 million, against $679.40 million long (3.94 to 1).
What DeepSea's data shows
The DeepSea dashboard has a Long / Short panel. It adds up open perpetual futures positions (leveraged bets on price with no expiry date) held by wallets DeepSea tracks as smart money, meaning traders with a strong record. A long profits if the price rises, a short if it falls. The panel lists seven coins, and at 6:31 a.m. ET on November 5, 2026 every one carried a "LONG" smart bias.
- ETH: $1.12 billion long, $74.86 million short, ratio 14.91
- NEAR: $79.39 million long, $5.95 million short, ratio 13.35
- XRP: $96.76 million long, $13.22 million short, ratio 7.32
- SOL: $187.42 million long, $38.94 million short, ratio 4.81
- HYPE: $546.93 million long, $119.35 million short, ratio 4.58
- BTC: $679.40 million long, $172.48 million short, ratio 3.94
- ZEC: $120.13 million long, $51.20 million short, ratio 2.35
Together the seven coins add up to about $2.83 billion long and $476 million short. DeepSea's full Long / Short page showed the same seven figures; it tracks 150 assets, 123 of them with a long smart bias.
Data: DeepSea (desea.io), checked November 5, 2026, 6:31 a.m. ET.
Where the bets lean hardest
Ether stands out. About 94 cents of every dollar in these ETH positions bets on a rise. NEAR, a much smaller market, is close behind at about 93%. CoinGecko showed ETH at $2,417.78 at 6:39 a.m. ET, up 3.7% in 24 hours, while NEAR was at $4.02, down 2.1%. So the NEAR longs were sitting on a falling price.
HYPE, the token of the Hyperliquid exchange, shows a similar gap. Smart money was 4.58 to 1 long while HYPE traded at $82.25, down 5.4% in a day.
Smart money long/short ratio by coin
long dollars per short dollar
November 5, 2026, 6:31 a.m. ET. Source: DeepSea dashboard, Long / Short panel.
Where the shorts sit
In dollars, the bears are mostly in bitcoin ($172.48 million) and HYPE ($119.35 million). Zcash has the fourth-largest short book, $51.20 million, behind ether's $74.86 million and ahead of SOL's $38.94 million even though SOL longs are bigger. CoinGecko had ZEC at $1,317.52, up 0.7%, on the day its NU7 network upgrade was expected. Bitcoin was at $80,277, up 2.2%.
Why it matters
A high ratio shows conviction, not a forecast. It also shows where pressure could build: if prices fall, crowded longs may be forced to sell. These figures cover only wallets DeepSea tracks, not the whole futures market.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the ether number is the one to watch. A 15 to 1 book is very one-sided, so a sharp drop could trigger forced selling.
- Zcash is the most contested big bet on the panel. The upgrade day may explain why both sides are active, but the data does not say why.
- Longs in NEAR and HYPE are leaning against falling prices. That is either patience or pain, and the next readings will tell.
What's next
- Whether the ETH ratio stays above 10 to 1
- Changes in bitcoin and HYPE short sizes
- ZEC positioning after the NU7 upgrade
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- DeepSea dashboard, Long / Short panel (read November 5, 2026, 6:31 a.m. ET)
- DeepSea, Tokens: Long / Short page (screenshot November 5, 2026, 6:47 a.m. ET)
- CoinGecko, Ethereum (ETH) price (November 5, 2026, 6:39 a.m. ET)
- CoinGecko, Bitcoin (BTC) price (November 5, 2026, 6:39 a.m. ET)
- CoinGecko, Hyperliquid (HYPE), NEAR and Zcash (ZEC) prices (November 5, 2026, 6:39 a.m. ET)
