ASTER contributes more than 30% of the market trading volume: whales' low accumulation and market structure evolution

A whale address named “0xFB3B” withdrew approximately 13.44 million ASTER from Binance eight hours ago, worth approximately $13.04 million. This move is in stark contrast to the October market frenzy, when high-profile investors panicked and liquidated their positions on a large scale, resulting in a single-day decline of more than 15%.

The flow of funds has quietly shifted, directly reflected in the trading structure: ASTER spot trading volume currently accounts for 31% of its total trading volume. This ratio is not only a number, but also a key signal for market participants to shift from short-term leveraged speculation to long-term value precipitation.

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01 Trading Trends

According to blockchain data monitoring, in the early morning of December 10, a whale address made a reverse operation. The address withdrew 13.44 million ASTER from Binance, worth approximately $13.04 million at the price at the time.

The background to this deal is intriguing. This is not the first time the whale has operated ASTER, with a history showing that it withdrew 64.53 million tokens from Gate when the ASTER price approached a high of $2.07.

Subsequently, the same amount of tokens were deposited into Binance when the price was around $1.54, and this operation of buying high and selling low led to a floating loss of about $34.5 million.

02 Market performance

As of early December 2025, Aster (ASTER) maintains a solid market position in the decentralized exchange track. According to Gate’s official data, its core market indicators show a state of intertwining short-term corrections with long-term improvements.

Here’s a glance at ASTER’s key market data as of December 7:

Despite the short-term pullback, the impressive growth of over 1067% over the past year, far exceeding its launch price, is a clear reflection of the market’s recognition of its technology and development positioning as a new generation of decentralized exchanges.

03 Transaction Structure

ASTER’s structure of 31% of total trading volume is not an isolated phenomenon but a microcosm of the changing sentiment of the entire decentralized perpetual contract market.

Heading into the end of November, the track experienced a general cooling. Data shows that the daily trading volume of multiple mainstream decentralized perpetual contract platforms has collectively fallen within 24 hours, with some platforms falling by more than 30%.

Against the backdrop of a general decline in trading volume, the Aster platform’s fund precipitation (TVL) remained at $1.36 billion, and the open interest size also remained at $2.33 billion. This shows that although the short-term speculation has declined, core funds and positions have not been withdrawn.

From its all-time peak, Aster has set a record of over $26 billion in trading volume in a single day. At present, the market is transitioning from an extremely active stage to a new stage of development with more normalized trading volume and an increase in the proportion of spot transactions.

04 Derivatives signals

The increase in the proportion of spot trading is complemented by changes in signals in the derivatives market. Open interest and funding rates in the futures market are two key leading indicators for predicting spot price movements.

Looking back at data from September to November, when the ASTER price hit an all-time high of $2.428 on September 24, its funding rate rose to a high of 0.062%. In the deep price correction on October 10, open interest plummeted by 22.7%, and the funding rate also turned negative.

Recently, ASTER’s long-short ratio has recovered from its October low of 0.84 to around 1.24. This shows that although market sentiment has cooled down from the frenzy in early October, it has recovered from extreme pessimism and tends to be relatively balanced.

05 Investor reference

For investors eyeing ASTER, understanding its unique tokenomics model is crucial. The current circulating supply of ASTER is approximately 1.66 billion, while its total supply is capped at 8 billion.

This means that only about 30% of the tokens are currently in circulation, and the remaining 70% will be gradually released in the future through established vesting periods or unlocking programs. This batch release model is designed to support the long-term ecological development of the project, but it also means that investors need to pay attention to the possible impact of future token unlocking events on the market.

From an investment perspective, ASTER exhibits the typical characteristics of a high-growth innovative project: significant long-term growth potential mixed with significant short-term price fluctuations.

The whale’s move to cover its position at a low level after losing tens of millions of dollars, as well as the proportion of more than 30% of spot trading, all suggest that some funds with a keen sense of smell are laying out for a longer-term value narrative.

Future Outlook

As the market as a whole cools down from the frenzy of decentralized perpetual contracts, the value of $1.36 billion in locked assets on the Aster platform remains unchanged. The proportion of transactions exceeded the watershed of 31%, marking that some funds are shedding the cloak of speculation with high leverage.

Whale addresses still choose to increase their holdings after enduring huge floating losses, and these on-chain footprints collectively point to a conclusion: the market’s attention is precipitating from the hustle and bustle of contract trading to a long-term value scrutiny of ASTER as the next generation of decentralized exchange infrastructure.