Aster News Today: Crypto Whale Shifts from ASTER Shorts to ETH/XRP Longs, Faces $5M Losses

Hyperliquid's ASTER market is witnessing a dramatic shift as the "3x Short ASTER" whale, previously the largest short position holder, has closed its bearish bet at breakeven and pivoted to becoming the platform's top long position holder for ETH and XRP. The whale, which had initially purchased ASTER from Binance co-founder Changpeng Zhao (CZ) before aggressively shorting the token, has now reversed its strategy amid volatile market conditions. The address, identified as 0x9ee, liquidated its $44 million ASTER short position in the past 9 hours, erasing peak unrealized profits of $8.1 million.

The whale's current ETH and XRP long positions total $273 million, though they are accompanied by a $5.3 million unrealized loss. Specifically, the ETH position of $184 million is held at an average price of $3,228, incurring a $3.4 million loss, while the XRP position of $88.73 million, at an average price of $2.30, carries a $1.72 million loss according to market data. This strategic shift underscores the whale's attempt to capitalize on perceived undervaluation in major cryptocurrencies, despite the ongoing downturn.

The ASTER price trajectory has been a focal point for traders, with recent data indicating a 16% surge, reaching a one-month high of $1.3700. Technical analysts highlight the token's potential to break out of a $1.2900 supply zone, a critical resistance level since October 17. If successful, ASTER could target the $1.5990 level, aligning with its October 13 high. Derivatives data further supports bullish sentiment, with open interest (OI) rising 5% to $615.78 million and an OI-weighted funding rate of 0.0144%, signaling strong retail demand for long positions.

The whale's pivot from shorting ASTER to buying ETH and XRP mirrors broader market dynamics. On November 14, the address executed a large "bottom-fishing" ETH purchase, a move repeated in subsequent days. This strategy aligns with broader retail interest in derivatives, as ASTER's futures OI and funding rates have surged, reflecting heightened speculative activity according to technical analysis. However, the transition has not been without risk: the ETH and XRP positions now face significant unrealized losses, raising questions about the whale's risk tolerance and market timing.

Meanwhile, the ASTER token's recent performance has outpaced the broader crypto market. While most assets struggle to sustain demand, ASTER's derivatives market has seen robust participation, with traders anticipating further gains as the token tests key resistance levels. Analysts note that a successful breakout above $1.2900 could catalyze a rally to $1.5990, but failure to hold this level may trigger a retest of the $1.1959 support zone according to market forecasts.

The whale's actions highlight the fluidity of crypto markets, where rapid reversals and large-scale positioning shifts can redefine asset trajectories. As Hyperliquid's ETH and XRP longs face mounting losses, the broader market will closely watch whether the whale's bullish bet pays off or signals a deeper bearish trend in the sector.