- Wang Chun, co-founder of cryptocurrency mining pool F2Pool, has withdrawn an additional 4,950 Ethereum (CRYPTO:ETH) from Binance, valued at approximately US$7.74 million.
- The latest withdrawal was flagged by on-chain analytics platform Lookonchain, which monitors large wallet movements across blockchain networks.
- Since 26 May, Wang Chun’s wallet address has cumulatively withdrawn 91,945 ETH worth approximately US$159.9 million from Binance.
Over the same period, the F2Pool co-founder also withdrew 973 Wrapped Bitcoin (CRYPTO:WBTC) from Binance, valued at approximately US$60.72 million.
The combined value of Wang Chun’s ETH and WBTC withdrawals from Binance since 26 May totals approximately US$220.62 million.
The consistent withdrawal pattern across multiple transactions suggests a deliberate accumulation strategy rather than a one-off purchase.
Moving large volumes of cryptocurrency from an exchange to a private wallet is generally interpreted as a long-term holding signal, as assets held on exchanges are more readily available for sale.
At the time of reporting, Ethereum price was $1,569.42.