The Aster price surged more than 30% after CZ, the Binance co-founder Changpeng Zhao, revealed a personal $2.5 million investment in the token on 2nd November 2025.
The disclosure set off a wave of retail enthusiasm, propelling Aster to one of its most volatile trading sessions since launch.
However, while traders celebrated the rally, large holders — often known as whales — quietly took positions betting that the surge may not last.
CZ’s rare move ignites Aster frenzy
The Aster price rally began when CZ shared a screenshot on X showing that he had purchased more than two million ASTER tokens using his own funds. “I am not a trader. I buy and hold,” he wrote, signaling long-term confidence in the project.
Within an hour of CZ’s revelation, the Aster price jumped from $0.91 to $1.26, before stabilizing around $1.05.
Aster’s 24-hour trading volume also ballooned from $224 million to over $2.5 billion, while its market capitalization climbed to roughly $2.1 billion.
According to DefiLlama, the platform’s total value locked (TVL) also reached $1.553 billion, while Binance’s long-to-short ratio hit 1.9, reflecting strong retail dominance.
Notably, CZ’s endorsement carried particular weight because it was his first public token purchase announcement since buying BNB nearly eight years ago. His personal connection to Aster runs deeper than a casual trade. His family office, YZi Labs (formerly Binance Labs), backed Aster’s predecessor, Astherus, which later merged with APX Finance to form the current Aster protocol.
Whales have bet against the Aster price rally
Despite the enthusiasm, not everyone was convinced the rally would hold. Two major whales opened large short positions against Aster, betting that the price would soon correct. One trader opened a $25 million short position at $1.18, and later expanded it to about $51 million with 3x leverage with a liquidation price near $2.08.
Lookonchain also reported that another trader, 0xbadb, also increased his $ASTER short position after CZ’s post, now holding 15.3M $ASTER($19.1M) with a liquidation price of $2.1109.
These short bets suggest that large players expect the Aster price to retrace after its sudden spike.
Derivatives data reinforce that narrative, with the open interest in Aster futures surging 42.9% to about $640 million, indicating an influx of leveraged positions.
While speculative traders chased upside momentum, others positioned for a reversal, seeing the post-CZ rally as overextended.
Technical analysis shows a fading momentum
On the technical front, indicators point to cooling momentum. Aster’s relative strength index (RSI) has dropped from 82 to 40.26 after the rally, while the MACD histogram has narrowed — both signs of easing bullish pressure.
Currently, the ASTER token has key resistance around $1.25 and short-term support near $0.98.
Moving averages paint a mixed picture. The 10-day and 200-day simple moving averages remain above the current price, suggesting that Aster is still in a broader downtrend despite the rebound.
Analysts note that a break above $1.25 could trigger a short squeeze toward $1.35, but a fall below $0.98 could open the door to deeper losses toward the $0.88–$0.90 zone.
Adding to the uncertainty, Aster previously faced scrutiny over its trading data after DefiLlama briefly removed its reported volumes for verification issues. Although the data has since been reinstated, questions remain about the accuracy of the exchange’s trading metrics — fueling caution among institutional traders.