CZ Buys $2M in Aster, Token Jumps

Binance founder Changpeng “CZ” Zhao disclosed on X that he personally bought roughly 2–2.5 million ASTER (about $2–$2.5M), saying “I am not a trader. I buy and hold,” which triggered speculative demand and a roughly 20–30% price spike from about $0.91 to as high as $1.26. On-chain data show CZ’s wallet amassed large USDT balances and became one of the largest on BNB Chain, while other whales withdrew millions of ASTER from Binance and opened sizable, currently profitable short positions that created offsetting market pressure. The rally drove reported trading volume from roughly $224 million to over $2 billion and market capitalization from about $1.8 billion to roughly $2.5 billion, even though ASTER had plunged earlier and its TVL fell nearly 25% since Oct. 10. Aster markets itself as a Web3 hybrid DEX offering on‑chain spot and perpetual futures (features include hidden orders and up to 1001x leverage); the token is a rebrand with an 8 billion max supply. Protocol changes to the S3 buyback/airdrop mechanism now burn half of buybacks to reduce circulating supply. Despite CZ’s endorsement, analysts warn the move is narrative‑driven and that high token supply, stiff competition, active short positions and recent volatility leave the price vulnerable to a rapid retreat.