As a market observer who spends all day analyzing on-chain data, I discovered some explosive news this morning: a well-known whale has once again dumped a large amount on ASTER, this time clearing out 3 million tokens, with a paper loss of $660,000. Even more astonishing is that this whale's total losses on this project have exceeded $35 million—how much confidence must they have to hold on until now?

The key turning point came. ASTER has been trading sideways at around $0.78 for a full two weeks, with both bulls and bears still testing each other. But then a massive sell order smashed through this support level. On-chain data paints an even bleaker picture: three consecutive days of net outflows reaching $27.05 million, with selling pressure like a dam burst that can't be stopped.

Interestingly, looking back at this whale's previous transactions—its last loss was only $1.37 million—yet this time it continued to cut deeper. This isn't just a simple loss-cutting; it's as if they've flipped their own chopping board.

Here's the key insight: when large funds are continuously losing and selling off, there are usually only two possibilities—either they urgently need cash (but that's unlikely), or they have completely turned bearish. Retail investors are most prone to making mistakes at this point—trying to catch the falling knife.

Conversely, looking at ASTER's fundamentals: recently, the project launched a margin trading mode with up to 1001x leverage, clearly aiming to attract heavy tr