Key Takeaways:
Chun Wang, the F2Pool co-founder, deposited 3,345 ETH worth $6.5 million to Binance on July 27, according to Arkham Intelligence data tracking the wallet labeled "satofishi."
The transfer extends a pattern that began July 2, when Wang started returning assets to Binance after two months of aggressive withdrawals. On July 2, he sent 16,800 ETH and 60 WBTC to the exchange, followed by another 9,800 ETH on July 3, Arkham data shows. The July 27 transaction also included 3.51 WBTC valued at about $228,000.
In May and June, Wang had moved 91,945 ETH, worth about $160 million at the time, and 973 WBTC, valued at approximately $61 million, to non-custodial wallets and the DeFi protocol Spark. Such withdrawals are typically interpreted as a bullish signal, reducing available supply on exchanges and suggesting holders expect prices to rise.
The reversal to exchange deposits now signals a change in strategy. Coins held in personal wallets represent frozen supply, while assets on Binance are available for immediate sale. The cumulative deposits this month total roughly 29,945 ETH and 63.51 WBTC, representing a meaningful portion of Wang's earlier accumulation.
When figures of Wang's caliber transfer tens of millions of dollars to exchanges, it creates localized price pressure on the affected assets. ETH traded near $1,950 as of the Asian session open, down about 2% over the past 24 hours, while BTC held around $67,500, CoinGecko data shows. Whether Wang executes outright sales or uses the funds for other strategies will become clearer from trading volumes over the next several days.
This article is for informational purposes only and does not constitute investment advice.
