As reported by Arkham, Chun Wang, founder of F2Pool, one of the earliest Bitcoin mining pools, has allegedly withdrawn $67.5 million worth of ETH tokens from Binance, the world’s largest crypto exchange, over the past two weeks. Moreover, this address, which likely — only likely — belongs to Wang, is currently holding $150 million in Ether on Aave.
Interestingly, according to Arkham, over the past month and a half, Chun Wang has deposited around $240 million in stablecoins on Binance. And the question that follows from all this information is whether Chun Wang is accumulating Ethereum at the moment, considering the ETH price at $1,948 is below the critical $2,000 level.
Adding to that, over the past six months, since Sept. 1, the leading altcoin has already lost more than 60% from its high of $4,955 to current levels — a figure that may be appealing for this sort of big capital.
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If we assume this is indeed true and Arkham is not mistaken, a more interesting question is what Wang’s pain threshold is and whether he would be ready to buy more Ethereum if the leading altcoin were to fall, for example, to June 2022 levels, where its lowest value of the past five years stands at $880, or to April 2025 levels, when ETH dropped to $1,385.
Is Wang ready to tolerate another 20-30% downside on a multimillion position in Ethereum? Or perhaps he does not consider such a scenario likely and, in his view, a move back above $2,000 is more probable.
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It is interesting that the Ethereum accumulation trend continues, which means this is not random. The most likely reason is growing interest in tokenization in the real world assets and stablecoin sector, which is now on the verge of a regulatory breakthrough with the Clarity Act being considered in the United States.
As someone compared Ethereum in 2025 to digital oil, this now seems less like an exaggeration and increasingly aligned with reality, given all of the above.