Key Points
- Changpeng Zhao, Binance founder, announced his accumulation of over 2 million Aster (ASTER) tokens.
- An “anti-CZ whale” trader went against the market hype and made significant profits.
Changpeng Zhao, the founder of Binance, recently revealed that he has amassed over 2 million Aster (ASTER) tokens.
The news was met with much enthusiasm within the crypto community.
However, the excitement was short-lived as the value of Aster began to drop.
Market Reaction
The token’s value has decreased by 20.4% in the past 24 hours and is currently trading at $0.84.
Its trading volume also saw a significant reduction, falling by half to $1.3 billion.
Despite the hype surrounding Zhao’s announcement, a trader known as the “anti-CZ whale” went against the market trend.
The trader is reportedly sitting on over $21 million in unrealized profits from his ASTER position on Hyperliquid, a perpetual decentralized exchange.
Reading the Market
The motivations behind the whale’s actions remain unknown.
However, it’s clear that the trader didn’t fall prey to FOMO (Fear Of Missing Out).
A crypto influencer known as Joe commended the “anti-CZ” bet as a “gutsy” move.
Joe stated that the whale “read the market, not the hype,” which has resulted in roughly $100 million in net profits while the wider crypto market suffers losses.
The trader has also been shorting Ethereum (ETH), XRP, Dogecoin, and Pepe.
The global crypto market cap has dropped by 3.75% in the past 24 hours and is currently around $3.46 trillion, according to data from CoinMarketCap.
Investor sentiment has once again fallen into the “fear” zone, currently standing at 27.
Furthermore, the market-wide correction has triggered over $1.3 trillion in liquidations over the past day, with nearly $1.2 billion of the eliminated positions belonging to longs.
One of the possible causes of the selloff, besides the macro conditions, could be the $120 million Balancer exploit.
The automated market maker was attacked on Nov. 3, causing significant disruption in the market.
