A recent on-chain drama has unfolded in the cryptocurrency market. The whales holding ASTER tokens have begun large-scale position adjustments, and the underlying logic behind this is far more complex than simple panic selling.

According to on-chain data, there has been a clear reduction in long positions by whales over the past 24 hours. One whale sold 30 million ASTER tokens at an average price of $0.78, resulting in an unrealized loss of $667,000. Even more astonishing, another whale also offloaded 4.68 million tokens during the same period. Combined, these two operations have accumulated a total loss of over $64 million.

But this is not an isolated event. A closer look at the holdings structure reveals that as early as October, ASTER broke below a key support level due to concentrated selling by whales. During that period, the selling pressure reached 152.3 million tokens, far exceeding the 124 million tokens bought, making the market supply pressure evident.

What is even more noteworthy is the divergence within the whale community. One holder, through 15 wallets, bought 68.25 million ASTER tokens at a price of $1.66, with a total cost of $113 million. Now, having partially cash out near $0.71, their paper loss exceeds $64 million, but they still hold 63.22 million tokens.

This operational pattern reflects a clear divergence in market participant strategies: some choose to exit quickly to cut losses, some are gradually cashing out at high levels, and others are quietly adjusting their risk exposure. This diversity of choices precisely illustrates the market's complexity.