Onchain data flagged by analyst @ai_9684xtpa reveals that Wang Chun, co-founder of major Bitcoin mining pool F2Pool, moved $20.67 million in crypto from Binance into DeFi lending protocol Spark. The address 0xF42…f2b51 withdrew 7,650 ETH and 124.18 WBTC over a four-hour period early Friday, then deposited the entire sum into Spark Protocol, a platform originally spun out from MakerDAO/Sky.
This move breaks from the typical miner playbook of simply holding or selling mined coins. By locking idle ETH and wrapped Bitcoin into a lending protocol, Wang Chun appears to be pursuing DeFi yield—an increasingly attractive option as Bitcoin's 2024 halving continues to squeeze mining margins well into 2026. The deposit signals confidence in the security of smart contracts and the broader Ethereum DeFi ecosystem, potentially setting a precedent for other large mining operators, especially those in China that have historically been cautious.
Spark accepts ETH and WBTC as collateral, allowing users to earn variable yield or borrow against it. The sizeable WBTC deposit also underscores a subtle shift: wrapped Bitcoin being treated not just as a trading bridge, but as an interest-bearing instrument. While the exact intent—passive yield or leveraging up—remains opaque, the onchain footprint is unmistakable and has drawn attention as a sign that DeFi is becoming harder for even conservative miners to ignore.
