Key Takeaways
- Aster price erased all gains a day after CZ fueled a rally above $1.20.
- CZ joked he may be crypto’s “unlucky charm” after yet another post-buy slump.
- An “anti-CZ whale” shorted Aster and made $21 million in profit.
It’s a pattern crypto traders know all too well. A big name buys, the market surges, and then, just as quickly, collapses.
This time, the starring role went to Binance founder Changpeng Zhao (CZ) and Aster, an upcoming perpetual DEX platform.
Find out which Perp-DEX is better? Hyperliquid vs. Aster
CZ: “Maybe I’m the Unlucky Charm”
On Nov. 2, CZ announced on X that he had purchased Aster (ASTR) tokens at around $0.90.
Within hours, Aster’s price skyrocketed to a monthly high of $1.20, driven by retail FOMO and whale speculation.
But just a day later, the rally vanished as fast as it appeared.
Aster’s price slid back to $0.90, wiping out all gains and sending the crypto community into a frenzy of memes and jokes about CZ’s “reverse Midas touch.”
Leaning into the irony, CZ took to X to poke fun at his track record.
“Every time I buy, prices go down,” he joked, recalling his early missteps in crypto.
In 2014, he bought Bitcoin (BTC) at $600—only to watch it crash to $200 within weeks. In 2017, his BNB purchase dropped 30% shortly after.
Still, those “bad luck” moments aged well. Bitcoin went on to hit $125,000, and BNB soared past $1,300 in later years.
However, the Binance founder said he’d learned one lesson: silence is golden.
“I won’t disclose anymore in the future,” he said. “To avoid affecting everyone’s market.”
Whale Counter Trades CZ
While CZ’s humor softened the blow, one trader found a way to turn it into a payday.
According to LookOnChain, an “anti-CZ whale” placed a massive $52.5 million short on Aster immediately after CZ’s post.
As Aster’s price collapsed to $0.82, the short position netted over $21 million in unrealized profit across two wallets.
Other whales reportedly took profits from the CZ-driven pump, rotating gains into fresh altcoin plays.
Aster’s Big Ambitions
Aster has recently emerged as a serious challenger to Hyperliquid, the current leader in decentralized perpetuals trading.
Backed by strategic investment from Binance, Aster has been dubbed the exchange’s potential answer to Hyperliquid’s dominance.
It boasts $10 billion in daily trading volume, though it still trails Hyperliquid’s $12 billion and $7.5 billion in open interest. Aster’s open interest sits at around $2.7 billion.
Despite the setback, Aster remains one of the fastest-growing DEXs in the perpetual space—though this week’s rollercoaster serves as a reminder that in crypto, even bullish developments can turn bearish in 24 hours flat.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
