Wang's $221M Crypto Haul Returns to Exchanges
Chun Wang, co-founder of F2Pool, the former world's largest Bitcoin mining pool, has sent shockwaves through the crypto market. After two months of moving assets to private storage, he started returning them to Binance in large batches.
In May and June, Wang moved an impressive amount of Ethereum (ETH) and Wrapped BTC (WBTC) out of sight. He stashed away around 91,945 ETH worth approximately $160 million at the time and 973 WBTC worth about $61 million.
This sudden movement was initially seen as a bullish signal by the market, suggesting that old-timers expect prices to rise and don't plan to sell. However, Wang's strategy reversed in July, with him starting to return assets to Binance hot wallets in batches.
The series of transactions started on July 2 with 16,800 ETH and 60 WBTC being sent to the exchange. This was followed by another 9,800 ETH on July 3 and a fresh inflow on July 27, including a transaction of 3,345 ETH worth $6.5 million.
This change in strategy is likely to put pressure on prices as coins held on Binance represent assets ready to be sold.