Hyperliquid panicked? Aster single transaction hits $191 million, setting a DEX whale record

From November 1 to December 5, 2025, whale trading activity in the DEX sector was primarily concentrated on Hyperliquid and Aster. Hyperliquid’s total purchase volume reached as high as $16.6 billion, ranking first, while Aster was second with $5.7 billion in purchase volume. Recently, Aster completed a whale transaction of nearly $191 million, setting a new record for DEX.

166 Billion vs 57 Billion: A Twin City of Whale Capital Flows

(Source: Cryptonews)

Data shows that Hyperliquid leads in large-volume buy-ins. From November 1 to December 5, HYPE accumulated approximately $16.6 billion in purchases, far surpassing ASTER’s $5.7 billion. The average purchase amount was also higher, with HYPE at $5,480 and ASTER at $1,620. This indicates that, despite growing interest in Aster, whale users on Hyperliquid tend to make larger individual transactions.

This difference reveals the distinct positioning of the two platforms. Hyperliquid receives a steady and stable capital inflow, demonstrating that it has established a mature user base and liquidity pools. Whales are willing to perform frequent, large transactions on Hyperliquid, reflecting their confidence in the platform’s stability and liquidity. Hyperliquid combines mechanisms from centralized exchanges and decentralized finance, offering derivatives trading such as perpetual contracts. This product mix attracts professional traders.

In contrast, Aster sees fewer transactions but with larger individual buy-ins. The largest ASTER purchase was completed by wallet 0xf17d957f71b4c7670928db6804cdf061fbdb3bfd, which bought tokens worth nearly $191 million—this is the largest single transaction in the dataset. This pattern suggests that Aster may still be in the early accumulation stage, with a few whales conducting large-scale positions rather than widespread distributed trading.

Notably, other DEX tokens are absent from the large transaction list. Whales show less capital flow into PancakeSwap, Uniswap, and Solana ecosystem DEX tokens, indicating that the capital rotation among main participants is more selective. Only Hyperliquid and Aster dominate this field, and this concentration itself is an important signal.

CZ Endorsement Propels Aster to Surge 2,580%

Aster is a newcomer to the market. This decentralized exchange launched in September 2025 and received unofficial support from former Chinese billionaire CZ, which immediately shifted market sentiment. CZ has not supported new projects for a long time, so Aster’s emergence was surprising. The token reacted instantly, with its price soaring from $0.09 to $2.41, an increase of about 2,580%. This rapid rise earned Aster the nickname “CZ’s darling token.”

The situation became even more interesting afterward. Despite the overall market correction in October and November, ASTER showed remarkable resilience. Its price occasionally dipped below $1 but almost always rebounded to that level. So far, it has never fallen below $0.09, which remains its all-time low. The chart may resemble early accumulation patterns, but this is just one possible interpretation.

Aster’s rapid growth and CZ’s public support sparked a new round of discussion. The community refocused on DEX, debating whether this sector can gain new development momentum. There are rumors that CZ may eventually replace Hyperliquid and turn Aster into the new flagship DEX. This is purely speculative, and there are no clear signs that this is happening, but CZ’s influence makes this possibility impossible to completely rule out.

Three Major Comparison Dimensions of Aster vs Hyperliquid

Capital Scale: Hyperliquid’s total purchase volume of $16.6 billion leads, but Aster’s single largest transaction reached $191 million

Trading Mode: Hyperliquid’s steady inflow shows maturity, while Aster’s few large transactions indicate early accumulation

Endorsement Difference: Hyperliquid relies on product and liquidity to establish its position; Aster depends heavily on CZ’s personal influence

Base Ecosystem and Competition with Other DEXs

Among various projects, Aerodrome (AERO) stands out with a total purchase volume of $49.46 million, reflecting sustained strong trader interest. As the Base ecosystem becomes increasingly active, this project continues to grow. The AERO token shows a stable growth trend, supported by the expanding Base ecosystem and the increasing attention ahead of the December 17 announcement. A new catalyst may be on the horizon.

The main DEX within the Binance ecosystem, PancakeSwap (CAKE), also demonstrates significant trading volume, reaching $362.6 million. CAKE’s price movements tend to mirror those of ASTER, including dips followed by gradual recoveries. This may reflect renewed market interest in the exchange and the recovery of liquidity within its ecosystem.

Uniswap (UNI), calculated by total locked value, is the largest DEX but does not appear among the tokens with the highest trading volume, with a purchase volume of $216 million. Whales may consider UNI a more mature, less speculative asset, with fewer opportunities for short-term large rotations. DEXs in the Solana ecosystem, such as Jupiter (JUP) and Raydium (RAY), rank lower, with trading volumes of $204 million and $142 million respectively.

The peak whale trading activity occurred in November. HYPE recorded several transactions exceeding $120 million, while ASTER appeared slightly later but immediately set a record with nearly $191 million in a single trade. Trading activity slowed slightly in early December, but investor interest in these projects remains strong. From the chart, November was clearly the most active month for large transactions. As “CZ’s darling token,” Aster brings both advantages and risks; this endorsement helps support the price but also increases the risk of sudden sharp declines.