I just discovered that this whale/institution that bought $ASTER with 7.5 million USDT is not a naked long $ASTER.
A wallet associated with this address has hedged or arbitraged funding fees on Hyperliquid: 6.486 million $ASTER were shorted with 3x leverage (the same amount as the spot purchase).
This should be hedging, or in the form of arbitrage funding fees (the current rate is positive on Hyperliquid, i.e. long payments short funding fees at an annualized rate of up to 450%).
Short/Arbitrage Address:
This article is sponsored by #Bitget|@Bitget_zh
A whale bought 6.486 million $ASTER with 7.5 million USDT in the past 4 hours, with an average price of $1.15.
He raised 7.5 million USDT in the past 4 hours through Binance and Aave borrowing, transferred it to Aster to buy $ASTER, and then withdraw it back to his on-chain wallet.
Address:
This article is sponsored by #Bitget|@Bitget_zh
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