An address linked to F2Pool co-founder Wang Chun may have sold part of its Ether holdings during the past three days of price gains to reduce leverage, according to on-chain analyst Yu Jin. The address first transferred 12,765 ETH, worth about $28.73 million, to Binance. It then withdrew 87.68 million USDC and used the funds to repay debt on Spark. After the transactions, the address still held about 65,000 ETH, valued at roughly $159 million, and 1,000 WBTC, worth about $77.18 million, on-chain. The activity was reported by BlockBeats on Aug. 23.
An address associated with F2Pool co-founder Wang Chun may have reduced part of its ETH position during the past three days of market gains to lower leverage, according to monitoring by on-chain analyst Yu Jin, as cited by BlockBeats on Aug. 23.
The address first sent 12,765 ETH, worth about $28.73 million, to Binance. It later withdrew 87.68 million USDC and used the funds to repay borrowing on Spark.
The address still holds about 65,000 ETH, valued at roughly $159 million, and 1,000 WBTC, worth about $77.18 million, on-chain.
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