Chun Wang (춘왕), co-founder of F2Pool, once the world’s largest bitcoin mining pool, is sending large amounts of cryptocurrency back to Binance in July after moving them off exchanges in May and June.

On July 27, blockchain outlet U.Today reported that on-chain data recently detected additional inflows from wallets linked to Wang to a Binance hot wallet.

The key point is that the movement of funds that looked like long-term storage has shifted toward securing short-term liquidity. In the crypto market, when large holders move assets to exchanges, it is often seen as a signal of profit-taking or preparations for large trades.

In May and June, Wang showed behavior typical of a long-term investor. At the time, he moved balances held on centralised exchanges to non-custodial wallets and DeFi protocols such as Spark. Over two months, he transferred about 91,945 ETH and 973 WBTC. Based on valuations at the time, ETH was worth about $160 million and WBTC about $61 million.

In July, his moves reversed sharply. Wang stopped withdrawals and began sending assets in batches to a Binance hot wallet. On July 2, 16,800 ETH and 60 WBTC were moved, and the next day, July 3, he deposited an additional 9,800 ETH.

The same pattern continued on July 27. Arkham’s on-chain data recorded a fresh inflow of 3,345 ETH worth about $6.5 million. It suggests an ongoing flow of returning part of the assets he had moved off exchanges back to centralised exchanges.

The market is paying attention because exchange inflows can be directly linked to an increase in potential selling supply. Assets held in personal wallets are less likely to circulate, but assets moved into Binance become inventory that can be sold immediately.

It has not been confirmed at this stage whether any actual selling has taken place. It is also not yet clear whether Wang intends to sell directly into the order book or is preparing another transaction. An analysis has been raised that trading volume over the next few days could make the nature of these fund movements clearer.

In this situation, the market is likely to watch for additional deposits by Wang and changes in ETH and WBTC-related trading volumes on Binance. The fact that his stance has shifted in recent weeks from long-term storage to immediate liquidity has emerged as a variable that could affect short-term supply and demand.

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