Aster News Today: Abraxas Bets Big on ASTER Longs as $49M Short Stance Widens Divide

A significant shift in trading strategies has emerged on Hyperliquid as Abraxas Capital, previously known for its dominance in short positions, pivots to accumulate long positions in the token ASTER. Two addresses linked to the firm-0x5b5 and 0xb83-have collectively added $8.16 million in ASTER longs, with average entry prices of $0.99 and $1.09, respectively. The move has generated $750,000 in unrealized profits as of press time, according to on-chain monitoring by HyperInsight. Despite this strategic pivot, the same addresses maintain short positions in 11 other cryptocurrencies, with a combined notional value of $430 million, underscoring their continued bearish stance on most markets.

The shift marks a reversal for Abraxas Capital, which previously initiated smaller ASTER long positions on November 5 at $1.03. The main address (0x5b5) now holds ASTER at an average price of $0.91, reflecting a more aggressive accumulation strategy.

Meanwhile, the firm's broader portfolio remains heavily skewed toward shorting, with its two addresses collectively serving as Hyperliquid's largest short holders.

In parallel, the "3x Short ASTER" whale-identified by the address 0x9ee-continues to hold the largest ASTER short position on the platform. The position, valued at $48.99 million, was opened at an average price of $1.20, with unrealized profits declining from a peak of over $7 million to $2.92 million. This whale's stance contrasts with Abraxas Capital's recent bullish bets, highlighting diverging market sentiments. The 0x9ee address has maintained its position since CZ's high-profile ASTER purchase earlier this month, which initially spurred a surge in shorting activity.

The market dynamics underscore ASTER's volatility and the strategic recalibrations of major players. Abraxas Capital's shift to long positions suggests a belief in ASTER's potential to rebound, while the persistence of large short positions indicates lingering skepticism. The interplay between these forces could signal broader trends in investor confidence, particularly as ASTER navigates its post-CZ trajectory.