Bitcoin Mining Giant Co-Founder Moves Millions to Binance, Sparking HODL Fears
TL;DR:
- Prior massive withdrawal: In May and June, Chun Wang withdrew 91,945 ETH ($160M) and 973 WBTC ($61M) to cold wallets and DeFi protocols.
- Strategy shift: Starting July 2, the F2Pool co-founder initiated continuous deposits to Binance, including an initial 16,800 ETH.
- Recent flows: On-chain data from Arkham recorded an additional deposit of 3,345 ETH ($6.5M) on July 27.
Chun Wang, co-founder of F2Pool, resumed the massive transfer of cryptocurrencies to Binance, reversing his accumulation strategy maintained over the previous two months. This action by the executive set off alarm bells among traders and investors due to the potential increase in selling pressure.
Chun Wang (@satofishi) deposited ~$6.73M worth of assets to @binance.
He deposited 3.44K $ETH (~$6.70M) and 3.51 $WBTC (~$228.35K) to Binance.
Breakdown:
• 3.49K $ETH (~$6.70M)
• 3.51 $WBTC (~$228.35K)The latest transfer occurred 8 minutes ago.
Data: @arkham pic.twitter.com/oGVfWNQEc2
- Onchain Lens (@OnchainLens) July 27, 2026
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