Aster has come under heavy selling pressure after an abrupt price spike caused by Changpeng Zhao’s comment on Sunday, in which the Binance founder publicly stated that he bought ASTER with his personal money. The comment initially sent the token sharply higher as traders reacted to the approval, but the rally was short-lived. As broader market weakness intensified and Bitcoin and Ethereum led a widespread downturn, ASTER returned aggressively and erased most of its post-announcement gains.
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The reversal has fueled speculation that speculative flows are waning just as risk appetite in crypto evaporates. Major assets are under pressure, with BTC losing key support zones and ETH sliding alongside broader altcoins, creating a challenging environment for any token trying to maintain upward momentum.
At the same time, on-chain data from Lookonchain shows a striking development: the Anti-CZ Whale – a trader who aggressively shorted ASTER immediately after CZ’s post – is now sitting on more than $21 million in unrealized gains across two portfolios.
The whale continued to add to its position as retail excitement peaked, and now that the price is sharply lower, the trade is paying off dramatically. The dynamics underline heightened volatility and uncertainty, reinforcing that market sentiment remains fragile despite isolated bullish triggers.
Whale expands winning bets on majors as market stress increases
According to Lookonchain, the Anti-CZ Whale’s aggressive positioning extends well beyond Aster. The same trader who built a large ASTER short immediately after Changpeng Zhao’s post is also shorting DOGE, ETH, position is currently making a profit.
On Hyperliquid, his combined unrealized profits are now almost $100 million, making this one of the most profitable orchestrated short campaigns of the cycle. The size and precision of these trades highlight a sophisticated strategy that focuses on momentum shifts between key assets, not just isolated tokens that respond to social sentiment.
This development comes at a vulnerable time for the broader crypto market. Bitcoin has fallen below key support zones, Ethereum continues to fall and altcoins are selling aggressively as liquidity retreats and sentiment turns defensive. In this environment, leveraged traders and forced sellers drive more downside volatility, creating an environment where excessive short positions can thrive.
The whale’s gain underlines the market’s critical phase: a period when speculative excesses are washed away and only disciplined positioning is rewarded. Whether this will be the prelude to a deeper capitulation or the final shakeout before recovery will depend on how quickly market demand returns to meet the selling pressure.
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ASTER Price Analysis: Weak Structure Persists While Sellers Remain in Control
Aster continues to trade under heavy pressure, and the 8-hour chart is reinforcing a clear bearish structure despite brief spikes in volatility. After CZ’s comment and initial price reaction, ASTER saw a sharp increase, but that move quickly disappeared as sellers regained control. The token failed to break above the short-term moving average trendline, indicating that momentum remains firmly on the downside.
The rejection near the $1.20 zone and the subsequent sell-off towards the $0.90 zone highlight how fragile bullish efforts currently are. Each upswing is met with distribution, indicating that short-term participants are using strength to exit the market rather than accumulate. Volume also confirms this story: the strongest bars appear on red candles, indicating aggressive selling dominance.
The price is now hovering just above a key support area that formed in late September. Losing this level could open the door for a deeper pullback towards the mid-$0.80 support zones and possibly $0.70 if market weakness continues. For ASTER to regain a bullish structure, it must recover above the 50-period moving average and reach higher lows – something it has failed to do for weeks.
Featured image of ChatGPT, chart from TradingView.com