Chun Wang, co-founder of the once-largest Bitcoin mining pool F2Pool, has started moving substantial crypto holdings back to Binance after a period of aggressive accumulation in private wallets and DeFi protocols. This on-chain activity has raised alarms among market participants, as such moves often signal an intent to sell or execute large trades.
In May and June, Wang behaved like a long-term holder, withdrawing nearly 91,945 ETH (worth ~$160 million) and 973 WBTC (~$61 million) from centralized exchanges into non-custodial wallets and DeFi platforms like Spark. This was interpreted as a strong bullish signal, indicating expectations of future price increases.
However, the strategy reversed sharply in July. On July 2, Wang sent 16,800 ETH and 60 WBTC to Binance hot wallets, followed by another 9,800 ETH on July 3. The trend continued on July 27 with an additional 3,345 ETH ($6.5 million) moving to the exchange, according to Arkham on-chain data.
Such large transfers from a well-known figure create local selling pressure because coins moving from cold storage to exchange wallets become liquid and potentially available for sale. The crypto community is now closely watching Binance order books for signs of a major dump or other strategic maneuvers by Wang.
