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Hassan Shittu
Journalist
Hassan Shittu
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Aster (ASTER), one of the most talked about decentralized exchange (DEX) tokens in recent weeks, dropped more than 20% in the last 24 hours, erasing much of the rally that followed the endorsement of Binance founder Changpeng Zhao (CZ).
The drop brought massive gains to a trader known as the “Anti-CZ Whale,” who now holds more than $21 million in unrealized profits from shorting ASTER in two portfolios.
The drop follows a volatile stretch for ASTER, which rose last week after CZ revealed that he had personally bought more than $2 million worth of the token.
CZ’s post immediately started buying, pushing ASTER from around $0.91 to a high of $1.26 before sharply reversing as the whales began to increase their short exposure.
‘Anti-CZ Whale’ Nets $18.4M as ASTER Falls Below $0.90 After CZ Buyout
According to data on the chain compiled from Lookonchain and Hyperliquid, two wallets linked to the so-called Anti-CZ Whale opened substantial short positions in ASTER shortly after the CZ announcement.
Together, the wallets control more than $51 million in ASTER shorts, generating about $18.4 million in unrealized profit as the token returns below $0.90.
One of the wallets, identified as 0xbadb, holds approximately $24.6 million in equity with positions focused on ASTER and Dogecoin (DOGE).
The account shows an unrealized profit of $8.38 million, mainly driven by its ASTER short from an entry of $1.16 to a current price of $0.88, a decline of 25%.
The second wallet, 0x9eec9, door an even larger book of $73.7 million in several assets, including ASTER, DOGE, ETH, XRP and PEPE. It recorded more than $29 million in unrealized gains, with ASTER alone contributing about $14 million.
Both accounts maintain full short exposure using leverage between 3x and 20x, bringing the trader’s total unrealized profit on Hyperliquid close to $100 million.
CZ admits ‘poor timing’ after Aster’s 57% monthly drop; Analysts Eye Technical Rebound
Aster’s 24-hour trading volume fell sharply to about $1.35 billion, down 47% from the previous day, signaling a decline in market activity after the initial rally.
The token, which once traded as high as $2.41, is now down more than 63% from its all-time high. It decreased 13.3% in the past day, 17.8% during the week, and almost 57% in the last 30 days.
According to DefiLlama data, the total value of the closed Aster (TVL) has fell down from $2.5 billion in early October to about $1.47 billion.
CZ reacted to the market drop by admitting its history of poor timing in crypto purchases. “Every time I buy coins, I get into a losing position,” he he wrote on X.
He recalled buying Bitcoin at $600 in 2014 before it fell to $200 and BNB in 2017 before it dropped 30%. He added that he recently increased his ASTER stake, but warned others to “be aware of the risks.”
CZ also hinted that it might stop publicly revealing future purchases to avoid influencing market sentiment.
Despite the decline, some analysts believe that ASTER could be approaching a short-term rebound.
Chart watchers say the ASTER/USDT pair is forming a falling wedge pattern on the four-hour chart, a technical signal often linked to potential reversals.
The price is close to $0.95, where the selling pressure seems to be reducing. A break above $1.01 could trigger a short-term recovery towards $1.20 or $1.50 if momentum returns.
However, a drop below $0.85 could expose the token to further losses, with support near $0.76.
