Chun Wang, co-founder of Chinese mining pool F2Pool, sent roughly $15.6 million worth of crypto to Binance on July 23, on-chain data shows. The transfer included 6,009 ETH, valued at around $11.56 million, and 62.31 WBTC worth approximately $4.09 million.
Where the funds came from
Blockchain analysts traced the assets back through several DeFi protocols. The WBTC originated from withdrawals via Spark Fi, the ETH came from Lido Finance unstaking, and a WETH-to-WBTC swap was routed through CoWSwap. On-chain flows point to addresses linked to Wang sending 50 WBTC, 12.31 WBTC, and 6,009 ETH directly into a Binance hot wallet.
This is not Wang's first large move to the exchange this month. Earlier in July he already pushed 36,600 ETH and 160 WBTC to Binance, a batch from which he reportedly pocketed around $3.4 million in profit as the broader crypto market climbed back.
The context matters. Back in June, Wang accumulated heavily: roughly 70,600 ETH for about $117 million and 966 WBTC for around $60.29 million. That buying came during a dip, and he is now gradually moving portions of that stack to an exchange, which typically signals intent to sell or at least rebalance.
What traders are watching
Large inflows to exchange hot wallets from known whale addresses tend to put short-term selling pressure on prices, and Wang's cumulative transfers in July now add up to a meaningful chunk of his June stack. He still holds a significant portion: the combined transfers this month represent roughly 43,000 ETH and 222 WBTC out of the original June accumulation.
Whether the rest follows depends on how July's recovery holds up. Wang built his position at June lows, so even at current prices he carries a comfortable cushion before any of this turns unprofitable.
This article is for informational purposes only and does not constitute financial or investment advice.
