Crypto Whales Short $71M on ASTER Amid CZ's Endorsement

Following a public endorsement from Binance CEO Changpeng Zhao (CZ), two prominent crypto whales have opened a combined short position of $71 million against ASTER. This move came after CZ disclosed on the platform X that he bought ASTER using personal funds, emphasizing his strategy of buying and holding. The declaration sparked renewed interest in ASTER, which recently launched a token buyback program anticipated to drive its price upward.

Whales Bet Against ASTER Post-CZ's Announcement

Lookonchain reported that a whale using the wallet address 0x9eec…1daab initiated a $49.17 million short position on Hyperliquid, a decentralized exchange. This position, leveraging 3x, expanded to 42.97 million ASTER, valued at approximately $52.8 million, with a liquidation threshold of $2.09. Another whale, identified by wallet 0xBADBB…3eE6, followed with a short position of $18.45 million, collectively amassing a $71.25 million short against ASTER.

ASTER Experiences Price Surge Amidst Market Dynamics

TradingView data highlights a 27% increase in ASTER's value within 24 hours of CZ's announcement. Earlier, ASTER had surged 1500% due to CZ's previous endorsement. Despite the whale activity, ASTER's market sentiment on Binance remains bullish, with a long-to-short ratio of 1.90 and increased derivatives volume by 186%, reaching $3.04 billion. Traders are optimistic about a continued price ascent.