F2Pool Co-Founder Sends Large ETH, WBTC Back to Binance Amid Shift to Short-Term Liquidity

Chun Wang, co-founder of F2Pool, has been moving large amounts of Ethereum (ETH) and Wrapped Bitcoin (WBTC) to Binance in recent weeks. This is a reversal from May and June when he moved these assets off exchanges into non-custodial wallets and DeFi protocols such as Spark.

In May and June, Wang transferred about 91,945 ETH and 973 WBTC, worth around $160 million and $61 million respectively at the time. However, in July, his behavior changed, and he started sending these assets back to Binance in batches.

The recent inflows into Binance have caught the attention of market observers, as they can be linked to an increase in potential selling supply. Assets held in personal wallets are less likely to circulate, but those moved onto exchanges like Binance become inventory that can be sold immediately.