Matrixport has withdrawn approximately $3 million worth of Aster tokens from Binance, a move that has quickly drawn attention across the crypto market.
While the firm has not issued an official statement explaining the withdrawal, the timing and size of the transaction have sparked speculation among traders and analysts.
On-Chain Data Flags Large ASTER Transfer
Blockchain tracker Lookonchain reported that a wallet believed to be linked to Matrixport withdrew 3 million ASTER, worth approximately $2.84 million, from Binance. Lookonchain revealed this information in an X post, highlighting that the withdrawal was made from a Binance hot wallet and moved in a single transaction.
Interestingly, this transaction comes shortly after the Aster team announced an acceleration in its buyback and burn program, increasing daily ASTER purchases from $3 million to $4 million.
Meanwhile, this is not the first time Matrixport has been linked to a massive token movement, as Lookonchain reported on December 11, 2025, that an anonymous whale had deposited 2,000 BTC, worth approximately $180 million, into Binance. According to the on-chain sleuth, this whale had previously received 5,000 BTC, worth approximately $463 million, from Matrixport.
Furthermore, in September, as reported by Lookonchain, another wallet linked to Matrixport deposited 88,434 ETH, worth approximately $402 million, into Binance. As a result, on-chain movements related to the organization tend to attract heightened scrutiny, particularly when they involve emerging tokens like Aster.
Possible Strategic Reasons Behind The Move
Although the purpose of the withdrawal remains unclear, several explanations are being considered by market watchers. Matrixport, founded by Jihan Wu and backed by major industry players, is recognized for offering a range of financial services, including custody and asset management.
Thus, one possibility is that Matrixport is repositioning its Aster holdings for long-term custody, reducing exposure to exchange-related risks. Another theory is that the firm may be preparing to deploy the tokens within the Aster ecosystem, potentially for liquidity support, partnerships, or upcoming protocol developments.
It is also possible that the withdrawal is part of a broader portfolio rebalancing strategy. Institutional crypto firms frequently adjust their holdings in response to market conditions, regulatory considerations, or internal risk assessments, often without immediate public disclosure.
Market Reaction and What Comes Next
So far, Aster’s market price has shown limited immediate reaction to the news, suggesting that traders are taking a wait-and-see approach. According to CoinMarketCap data, ASTER is currently trading below $1 at $0.93 per coin, ranking 38th in the cryptocurrency market.
However, it’s worth noting that similar large exchange outflows in the past have sometimes preceded periods of increased volatility, depending on whether the tokens eventually re-enter circulation or remain in long-term storage. On the other hand, a crypto analyst had speculated that December would be a bullish month for Aster.
Meanwhile, in other news, a recent report shows that Aster currently leads the pack among the top 7 tokens with the largest unlocks this week.
The CoinRemark Team
