ASTER suffered a drop of more than 20% following a selling wave that benefited a large anonymous trader known as the “Anti‑CZ Whale”. The trader amassed approximately $21 million in unrealized gains from short bets amid heightened volatility. The episode affects retail investors, derivatives platforms and the perception of influence of public figures in crypto markets.
The move originated after Changpeng Zhao (CZ) revealed on 2 November a personal purchase of 2 million ASTER tokens, valued at around $2.4 million, which generated an initial uptick and an abrupt increase in trading volume.
In the previous days ASTER had already shown extreme volatility, with reported rises of 1,353% in seven days and 2,156% in one month; after CZ’s disclosure the token touched peaks near $1.20 and volume rose more than 1,100% in 24 hours.
Taking advantage of that momentum, the so‑called “Anti‑CZ Whale” opened a significant short position —reports indicate an exposure close to $52.5 million in derivatives— from futures/derivatives platforms, including references to Hyperliquid.
The future of ASTER and Hyperliquid
When profit‑taking pressure and hedges by large holders materialized between 3 and 4 November, ASTER retraced below $0.93, registering the more than 20% drop that reversed much of the rally caused by the public mention.
Concentration of influence while public statements by prominent figures can generate amplified price movements and create opportunities for counterparties with leverage.
Liquidity risk and liquidation cascades with massive shorts in derivatives raise the risk of chain effects on exchanges and liquidity providers.
Attention now turns to the evolution of positions on derivatives platforms and to possible additional public statements by CZ or liquidity custodians. The next operational milestone to follow is monitoring balances on Hyperliquid and liquidation orders in the next 72 hours, which will determine whether the correction stabilizes or translates into new liquidity turbulence.
