Ethereum News Today: Institutional Traders Adapt: Whale Hedges ASTER Short with ETH/XRP Longs

A whale with a "triple short ASTER" position has shifted its strategy, now hedging its short exposure in the token while becoming the largest long on Ethereum (ETH) and XRP on Hyperliquid. According to HyperInsight monitoring, the address (0x9ee) added approximately 5,000 ETH and 23,000 XRP in the past 8 hours, increasing its ETH long position to $145 million and XRP long to $52.2 million. The ASTER short position, meanwhile, stands at $44.07 million, with an average price of $1.20 and an unrealized gain of $8.1 million. The whale's total position size across all three assets is $241 million, and the account remains slightly profitable despite significant unrealized losses in ETH and XRP.

The whale's actions highlight a broader trend of institutional-grade traders adjusting exposure amid volatile market conditions. Data from Hyperliquid shows the platform's whale positions are currently valued at $5.729 billion, with a long-short ratio of 0.89, indicating a slight short bias. Meanwhile, another whale (0x218) recently reopened a $6.3 million ETH short position at $3,203, following a $5.02 million profit from a previous closure. This activity underscores the cyclical nature of leveraged trading strategies, where traders often chase dips to re-enter markets after securing gains.

The ETH and XRP positions held by the triple short ASTER whale are particularly noteworthy given the speculative environment surrounding XRP's potential ETF approval. A Yahoo Finance analysis notes that XRP's recent 25% rally since November 3 mirrors pre-ETF launch patterns observed with the Rex Osprey ETF in September. Bybit's liquidation data reveals $117.66 million in ETH long positions versus $72.33 million in shorts, suggesting a strong bullish bias among leveraged traders. If XRP's price dips below $2.44, however, a long squeeze could trigger rapid liquidations, echoing the Rex Osprey correction.

While the triple short ASTER whale's ETH and XRP positions are large, they are not isolated. A separate address on Hyperliquid holds a $27 million ETH short with $5.5 million in unrealized profits, illustrating the high-conviction, leveraged stances some traders are taking. Conversely, top Ethereum traders are showing mixed sentiment. One whale closed a $193.8 million ETH long for $2.8 million in profits, while another maintains a $114.5 million ETH position alongside Dogecoin (DOGE) longs. This divergence reflects the uncertainty in the market as traders balance macroeconomic concerns with speculative bets on ETF-related catalysts.

The whale's triple short ASTER position also raises questions about the token's fundamentals. ASTER, a lesser-known cryptocurrency, has seen significant shorting activity, with the whale's $44 million bet indicating strong bearish conviction. However, the simultaneous accumulation of ETH and XRP suggests a hedging strategy to offset potential losses if ASTER's price recovers.