F2Pool Co-Founder Wang Chun Just Moved $220M: Inside the Whale Strategy That Market Analysts Are Watching

The Accumulation Phase (May 26 – June 28): Strategic Dip-Buying

Between May 26 and June 28, Wang Chun's wallet address withdrew a cumulative 91,945 ETH ($159.9M) and 973 WBTC ($60.72M) from Binance . His average entry price was approximately $1,749 per ETH and roughly $62,418 per WBTC . Analysts widely interpreted this as strategic dip-buying — especially after ETH fell below $1,700 in early June .

Key withdrawal dates include:

• June 5: 9,719 ETH (~$16.16M) into Spark
• June 6: 17,560 ETH (~$28.67M)
• June 12: 15,740 ETH
• June 19: 7,650 ETH + 124.18 WBTC (~$20.67M) into Spark
• June 26-27: 9,937 ETH ($15.5M) + 147 WBTC ($8.7M) into Spark
• June 28: Final 4,950 ETH (~$7.74M)

The DeFi Yield Strategy: Spark and Aave

The most revealing aspect of Wang Chun's behavior is that he does not simply hold the withdrawn assets. He routes them into DeFi lending protocols to earn passive yield — a classic whale move that signals bullish conviction, not fear .

• Spark Protocol: A lending platform spun out of the MakerDAO ecosystem. Wang Chun deposited the majority of his ETH and all of his WBTC here across multiple transactions in June and July . Spark allows him to earn lending interest (and potentially borrow against his position) while staying long the assets.
• Aave: On March 28, 2026, he had already withdrawn 9,000 ETH ($17.86M) from Binance and deposited it into Aave, another major DeFi lending protocol . That wallet currently holds 79,818 ETH ($158.72M) .

This multi-platform approach (CEX withdrawal → DeFi deposit → yield farming → occasional re-deposit to CEX) is characteristic of an active, sophisticated portfolio manager, not a simple accumulator or seller.

Why Market Analysts Watch It Closely

Wang Chun co-founded F2Pool, the world's fourth-largest Bitcoin mining pool . As a mining and infrastructure insider, his wallet activity is seen as possessing informational advantages — miners often have unique visibility into network fundamentals, hardware costs, and capital flows. His moves suggest he sees value in ETH at sub-$1,700 levels and is willing to tie up hundreds of millions in DeFi protocols to earn carry on that conviction.

Summary of the Strategic Picture

The net picture since late May is still heavily weighted toward accumulation, with the July 2 deposit representing a small portion of his total withdrawn position — roughly 18% of his ETH withdrawals . For traders and analysts, this is a textbook example of how sophisticated crypto insiders manage large positions across both centralized exchanges and decentralized finance.