Large On-Chain Transfer: Wangchun Moves Nearly 10,000 ETH and 147 WBTC in 6 Hours
According to on-chain monitoring by EmberCN, F2Pool co-founder Wangchun withdrew 9,937 ETH (approximately $15.5 million at current prices) and 147.5 WBTC ($8.7 million) from Binance over the past six hours, depositing all into the decentralized lending protocol Spark. This transfer is part of Wangchun's ongoing accumulation strategy amid the recent market dip.
Accumulated Buy: Over $170 Million Since BTC Dropped Below $60K
Since early this month, when Bitcoin fell below $60,000 and Ethereum below $1,700, Wangchun has accumulated approximately 65,700 ETH (worth $111 million) and 966 WBTC ($60.29 million) through off-market and exchange purchases. Based on current prices of ~$62,400 for BTC and ~$1,660 for ETH, his total deployment exceeds $170 million. This scale stands out against the backdrop of recent outflows from retail and institutional investors, signaling confidence among top miners in the current price range.
Asset Allocation: All WBTC and Half of ETH Go to Spark, Rest Staked
On-chain data reveals that Wangchun has deposited all his WBTC (approximately 966 tokens) and about half of his ETH (around 32,800 ETH) into Spark, while the remaining ETH has been sent to the Ethereum staking contract. Spark, a lending protocol built on MakerDAO, allows users to deposit assets and borrow stablecoins like DAI. This strategy suggests Wangchun may be using WBTC and ETH as collateral to borrow stablecoins for further investments or hedging, while retaining staked ETH to earn PoS yields. The operation highlights the sophisticated multi-strategy approach of professional miners to maximize returns and manage risk.