F2Pool Co-Founder's $160M Crypto Shift Raises Market Concerns
Chun Wang, co-founder of the once-largest Bitcoin mining pool F2Pool, has been moving large amounts of cryptocurrency to Binance in recent weeks. After two months of aggressively withdrawing assets from exchanges and storing them in private wallets and DeFi protocols such as Spark, Wang appears to have reversed his strategy.
In May and June, Wang moved around 91,945 ETH, worth approximately $160 million at the time, and 973 WBTC, worth about $61 million, out of sight. This behavior was seen as a bullish signal for the market, indicating that long-term investors expect prices to rise and do not plan to sell.
However, in July, Wang's strategy changed. He stopped withdrawing funds and began returning them to Binance hot wallets in batches. The first batch on July 2 included 16,800 ETH and 60 WBTC, followed by another 9,800 ETH the next day.
The reason behind this change is unclear, but it may indicate that Wang plans to take profits or execute large trades. When figures of his caliber transfer tens of millions of dollars to exchanges, it can create local pressure on prices and affect market sentiment.