Whales/institutions who purchased ASTER for 7.5 million USDT are now shorting Hyperliquid to hedge their positions.

According to on-chain analyst Yu Jin's monitoring, the whale/institution that purchased $ASTER for 7.5 million USDT was not a naked long $ASTER.

A wallet associated with this address performed hedging or funding arbitrage on Hyperliquid: shorting 6.486 million $ASTER (the same amount purchased in spot trading) with 3x leverage. This likely represents hedging or arbitrage of funding fees (Hyperliquid currently has a positive fee rate, meaning longs pay shorts, with an annualized fee rate of 450%).