In the recent market, ASTER has experienced a brutal fall, and the investors who once shouted "to $10" are now lamenting in the community. The coin price has been directly cut in half, and the number of people trapped is countless. However, if you really look at the on-chain data, you will find that this is not a simple market accident — but a carefully orchestrated wealth transfer.

First, let's look at the overall market background. In the past 24 hours, over 200,000 retail accounts were liquidated across the network, with nearly $500 million evaporating in an instant. Market sentiment has fallen to an all-time low. Meanwhile, those whales who have held Bitcoin for over seven years have started to sell off aggressively—selling more than 1,000 coins every hour. This signal is very clear: smart money is retreating, and the entire market is shrouded in an atmosphere of unease.

Focusing again on the ASTER project itself. Its token distribution structure has serious flaws—96% of the chips are concentrated in a few wallets. In other words, the pricing power of the entire market is actually in the hands of a few individuals. They can manipulate the price trends at will. Retail investors following suit are essentially participating in a gamble with extremely low odds.

From a fundamental perspective, the valuation of ASTER even exceeds that of many mainstream projects, but its actual application value is severely lacking. Its ability to sustain itself until now relies mainly on the backing of industry leaders. However, this backing effect can at most only create short-term hype; without inherent strength to support the project, it will ultimately reveal its true form.

The most critical factor is the selling record of the whales. A few months ago, the capital side sold tens of millions of ASTER within three days, cashing out tens of millions of dollars. At that time, the coin price fell by nearly 30%. This time the operation is even more ruthless—directly smashing through a million-dollar large order, continuously pushing tens of millions of dollars worth of chips to the exchange. Every step is testing the bottom, and every step is also absorbing retail investors' buy orders. This is not a collapse; this is harvesting.