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- Aster disputes claims of low activity, citing strong user growth and trading volumes.
- Bitcoin network participation has slowed despite high prices.
- Weak liquidity and investor losses could limit a sustained crypto rally.
The crypto market may look stable on the surface, but fresh data suggests underlying weakness. Questions around user activity on the Aster perpetual DEX and slowing participation on the Bitcoin network highlight a growing gap between price performance and real adoption — a warning sign for investors watching the next market phase.
Aster Pushes Back Against Activity Concerns
The perpetual futures exchange Aster, reportedly backed by Changpeng Zhao of Binance, faced criticism after claims surfaced that it had only a handful of active users. Analyst commentary suggesting just six daily addresses sparked debate about the platform’s real traction.
Aster quickly disputed the figures, saying an incorrect contract address skewed the data. Independent dashboards from Dune showed far higher engagement, including tens of thousands of new users in recent days and millions overall.
Financial performance also supports the platform’s defense. Data from DeFiLlama shows Aster generating strong fees and billions in perpetual trading volume, suggesting either broad participation or large traders driving activity.
Competition and Token Momentum
Despite the controversy, Aster’s growth metrics compare favorably with rival Hyperliquid in user numbers, even though Hyperliquid still dominates weekly trading volume.
The ASTER token has also shown resilience. Accumulation signals and exchange outflows point to investor confidence, with the asset posting major gains earlier in February. Still, analysts warn that broader market weakness could pull the token toward key support zones if momentum fades.
Bitcoin’s Network Slowdown Raises Bigger Questions
While the Aster debate focuses on one platform, Bitcoin’s data suggests a wider issue. Analytics firm Santiment reports that transaction activity and new address creation have dropped sharply compared to the 2021 cycle peak. Slower network growth implies that demand may not be keeping pace with price appreciation.
Profitability metrics reinforce that concern. Research cited from CryptoQuant estimates tens of billions of dollars in unrealized losses among recent buyers, while ETF investors have also absorbed significant drawdowns.
Also Read: ASTER at a Breaking Point: Will $0.70 Hold or Trigger a Sharp Drop?
Market analyst Nic Puckrin warns that liquidity conditions remain unfavorable for a sustained rally, noting that Bitcoin often gravitates toward long-term cost basis levels during weak phases.
The mixed signals from Aster’s usage debate and Bitcoin’s slowing network growth underline a broader truth: price alone does not define market strength. For a durable recovery, crypto will need renewed participation, fresh capital inflows, and stronger on-chain activity — not just temporary rallies driven by sentiment.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
