Chun Wang, co-founder of the once-largest Bitcoin mining pool F2Pool, has reversed his two-month accumulation strategy by depositing millions of dollars worth of Ether and Wrapped Bitcoin into Binance hot wallets, according to blockchain data.
The move marks a sharp pivot for Wang, who had been steadily accumulating both assets since late May. The deposits, made over the past 48 hours, include a significant amount of Ether and Wrapped Bitcoin — a tokenized version of Bitcoin that runs on the Ethereum network.
What changed
Wang's accumulation phase began around late May, when he started moving funds into personal wallets. That pattern held until this week. On Tuesday and Wednesday, blockchain watchers flagged multiple transactions from Wang's known addresses to Binance deposit wallets. The total value of the deposits is in the millions of dollars.
The reason for the reversal isn't clear. Wang hasn't made any public statement about the deposits. F2Pool, which he co-founded, was once the world's largest Bitcoin mining pool by hashrate, though it has since slipped in rankings.
Market context
The timing isn't great. Bitcoin has been under pressure this month, trading below $60,000 after a failed rally in June. Ether has also struggled, hovering around $3,200. A large deposit from a known mining figure can add to selling pressure, especially when the broader market is already skittish.
It's not the first time a mining executive's wallet movements have caught traders' attention. But Wang's shift from accumulation to distribution is notable because it signals a change in conviction — at least for one major player.
Blockchain sleuths will be watching Wang's addresses for further deposits. If he continues to move funds to exchanges, it could suggest a broader bearish outlook from the mining community. For now, the market is left to guess whether this is a one-off portfolio rebalance or the start of a larger sell-off.
