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

Strategy shift in on-chain flows

During May and June, the executive acted with the profile of a long-term investor by withdrawing assets from centralized exchanges to non-custodial wallets and DeFi protocols, including Spark. During that period, the cumulative amount off platforms reached approximately 91,945 ETH—equivalent to around $160 million at the time—and 973 WBTC, close to $61 million. According to industry analysis, this type of movement is usually interpreted as a bullish signal, as it reduces the supply available in the immediate market.

However, the behavior recorded on-chain took a different turn during the month of July. Records indicate that Wang halted fund withdrawals and began fractional deposits into Binance hot wallets. The sequence started on July 2 with the transfer of 16,800 ETH and 60 WBTC, followed by a transfer of 9,800 ETH the next day.

On July 27, analysis firm Arkham tracked a new movement involving 3,345 ETH, equivalent to $6.5 million. According to market reports, the previous accumulation in personal wallets represented a “frozen” supply, whereas assets transferred to trading platforms become directly available for sale.

The decision to move these funds suggests a search for immediate liquidity in a centralized environment, rather than holding positions in decentralized finance. In the cryptocurrency market, transfers executed by large-volume investors can create localized volatility in price action. The ultimate impact on order books will depend on how trading volumes evolve across platforms over the coming days.