A whale has opened a 4x leveraged long position on 7.2 million ASTER (worth $4.33 million) while also staking 4.02 million ASTER (valued at $2.42 million) for four years, signaling strong optimism despite the token’s recent bearish price action. ASTER trades at $0.6015, down 0.6% in 24 hours, with market activity declining and staked value dropping from $283 million to $276 million in August. The long/short ratio remains high at 1.77, with 63% of positions being longs, though technical indicators suggest continued downside risk toward $0.58.
Following a minor downtick of 0.6% in 24 hours, ASTER was trading within a thin range of $0.60 and $0.59 at press time. Valued at $0.6015, ASTER’s recent decline has been driven by reduced market activity and a lack of steady capital inflows.
Despite this market slowdown, some whales remain optimistic. According to Lookonchain, a whale opened a 4x long on 7.2 million ASTER worth $4.33 million on Aster_DEX. At the time of writing, this position was already down $322,000 as the market has barely moved since. Opening a leveraged position in current market conditions is evidence of strong optimism, implying the whale might be anticipating a possible rebound.
Market participants have also turned bullish, as the Long/Short Ratio has remained above 1 at 1.77, with longs accounting for 63%. Such high demand for longs means most investors in derivatives are bullish and may be betting on a potential market rebound.
Staking on Aster-DEX has slowed significantly in August, with staked ASTER declining from $283 million to $276 million—a drop of over $7 million. After two weeks of decline, investors, especially whales, may be returning. The previously reported whale also staked 4.02 million ASTER worth $2.42 million for four years, a decision described as “just another sign of optimism.” Historically, staking has played a major role in reducing supply and absorbing market pressure.
Although the whale deployed significant capital, ASTER’s bearish structure has remained strong. The Stochastic Momentum Index has continued to decline since making a bearish crossover two days ago, with the indicator within the negative zone suggesting bears have total control. The Chance Momentum Indicator also confirmed this trend. These indicators hint at the likelihood of the current trend continuing, with ASTER likely to lose the $0.6 support and drop to $0.58.
