Aster News Today: Major Crypto Investor Switches from Shorting ASTER to Going Long on ETH/XRP, Incurring $5 Million in Losses

Hyperliquid's

market is undergoing a significant transformation as the "3x Short ASTER" whale, once the largest short holder, has and has now become the leading long holder for and on the platform. This whale, who originally acquired ASTER from Binance co-founder Changpeng Zhao (CZ) before , has shifted tactics in response to turbulent market conditions. The wallet, labeled 0x9ee, within the last nine hours, wiping out unrealized gains that once peaked at $8.1 million.

Currently, the whale holds $273 million in long positions on ETH and XRP, but these are showing an unrealized loss of $5.3 million. Specifically, the ETH position is valued at $184 million at an average entry of $3,228, resulting in a $3.4 million loss, while the $88.73 million XRP position, entered at $2.30, is down $1.72 million

. This change in approach highlights the whale's effort to seize opportunities in what it sees as undervalued major cryptocurrencies, despite the prevailing market slump.

The price movement of ASTER has become a central focus for traders, with , pushing the price to a one-month peak of $1.3700. to break above the $1.2900 supply zone, a key resistance since October 17. Should this level be surpassed, ASTER may aim for $1.5990, matching its high from October 13. Derivatives data further bolsters the bullish outlook, with open interest (OI) and an OI-weighted funding rate of 0.0144%, indicating strong retail appetite for long bets.

The whale's switch from shorting ASTER to going long on ETH and XRP reflects broader trends in the market.

, the wallet made a substantial "bottom-fishing" purchase of ETH, a move that was repeated in the days that followed. This approach is in line with the growing retail interest in derivatives, as ASTER's futures open interest and funding rates have both increased, signaling a rise in speculative trading . However, this shift has brought considerable risk: , casting doubt on the whale's risk appetite and timing.

At the same time, ASTER's recent gains have outperformed the wider crypto market. While most digital assets are struggling to attract buyers, ASTER's derivatives segment has seen strong activity, with traders expecting further upside as the token

. Analysts suggest that a decisive move above $1.2900 could spark a rally toward $1.5990, but a failure to maintain this level might lead to a retest of the $1.1959 support area .

The whale's maneuvers illustrate the fast-changing nature of the crypto market, where swift reversals and large trades can alter the direction of assets. As Hyperliquid's ETH and XRP long positions accumulate losses, the market will be watching closely to see if the whale's bullish strategy succeeds or signals a deeper bearish phase for the sector.