The giant whale/institution that bought ASTER for USDT was suspected of hedging its short positions on Hyperliquid.

The giant whale/institution that bought ASTER for USDT is not a naked ASTER. The address-related wallet performed hedging or fund expense arbitrage on Hyperliquid: shorted 6.486 million ASTER with 3 times leverage (same as the spot purchase amount). This should be a hedge or arbitrage for fund expenses (the current rate on Hyperliquid is positive, i.e. long pay short funds, with annualized rates up to 450%).