A wallet linked to F2Pool co-founder Chun Wang withdrew 9,000 ETH worth approximately $17.9 million from Binance on March 27 and immediately deposited the entire sum into Aave's lending protocol, on-chain records confirm. The transaction adds to a months-long pattern of aggressive ETH accumulation by one of crypto's most established mining figures, executed while the market sits deep in Extreme Fear territory.
9,000 ETH Leaves Binance in a Single On-Chain Move
The withdrawal hit the blockchain at 17:36 UTC on March 27, 2026. A wallet labeled "Chun: Public Figure" by Nansen received exactly 9,000 ETH from Binance's hot wallet (0x4976a4) in a single transfer.
ON-CHAIN DATA
- Transaction hash: 0xb703c395...fe58658
- Amount: 9,000 ETH (~$17.9M at time of transfer)
- From: Binance Hot Wallet (0x4976a4) → 0xf42bcfd3...c7f2b51
- Block timestamp: March 27, 2026, 17:36 UTC
At the time of the transfer, ETH was trading at approximately $1,989.80, putting the transaction's value at roughly $17.9 million, consistent with the on-chain tracker reports of an $17.86 million move.
The withdrawal was not an isolated event that day. The same wallet also pulled $2.5 million in USDC and $7.5 million in USDT from Binance, using both stablecoins to repay existing Aave loans. The combined activity totaled approximately $27.9 million moved through the wallet in a single session, pointing to deliberate DeFi position management rather than a simple transfer.
Why a Move by F2Pool's Co-Founder Draws Attention
Chun Wang is the co-founder of F2Pool, one of the world's largest and oldest Bitcoin mining pools, which has historically ranked among the top three by hashrate. He is also the founder of stakefish, an Ethereum staking service, giving him deep operational ties to the ETH ecosystem on both the mining and validation sides.
That background makes his on-chain positioning more than a routine whale alert. F2Pool participated in Ethereum proof-of-work mining before The Merge in September 2022, and Wang's continued accumulation of ETH at scale suggests long-term conviction from someone with insider-level understanding of the network's economics.
This latest move comes with ETH trading nearly 60% below its all-time high of $4,946.05 set in August 2025. The Crypto Fear & Greed Index sits at 12, firmly in Extreme Fear. For a figure of Wang's stature to be pulling tens of millions in ETH off exchanges during peak fear reads as a contrarian conviction signal.
Where the ETH Landed, and What It Signals
Twenty-three minutes after the Binance withdrawal, the full 9,000 ETH was deposited into Aave's Lending Gateway contract (0xd016...5722) at 17:59 UTC. The wallet received 9,000 aETHWETH tokens in return, Aave's interest-bearing receipt tokens representing supplied collateral.
ON-CHAIN DATA
- Aave deposit tx: 0xa05933dd...488c68
- Deposit amount: 9,000 ETH → 9,000 aETHWETH received
- Destination contract: Aave Lending Gateway (0xd01607c3...325722)
- Block timestamp: March 27, 2026, 17:59 UTC
Depositing into Aave rather than selling or transferring to cold storage signals yield-seeking behavior. Supplied ETH on Aave earns variable interest from borrowers and can serve as collateral for further borrowing, a common strategy for leveraged DeFi positioning. The simultaneous stablecoin loan repayments reinforce that Wang is actively managing a leveraged ETH-long position on the protocol.
This is not a new pattern. Arkham Intelligence flagged the same wallet in early March, noting that an address linked to Wang had withdrawn $67.5 million worth of ETH from Binance over two weeks and held $150 million of ETH deposited into Aave at that time.
IS CHUN WANG ACCUMULATING ETH?
— Arkham (@arkham) March 2, 2026
An address associated with Chun Wang, the founder of F2Pool, one of the earliest Bitcoin mining pools, has withdrawn $67.5M ETH from Binance in the past 2 weeks. This address now holds $150M of ETH deposited to AAVE.
Over the past 1.5 months, Chun… pic.twitter.com/i0t4wm4InR
Source: @arkham on X
The March 27 withdrawal of another $17.9 million in ETH shows that Wang's accumulation strategy has continued for at least a month beyond Arkham's initial report, even as ETH prices have remained under pressure. The wallet attribution is based on on-chain tracking tools and has not been publicly confirmed by Chun Wang himself.
With ETH's market cap at $240.39 billion and 24-hour trading volume near $19.46 billion, a single $17.9 million deposit does not move the market on its own. But as a data point in a sustained accumulation pattern by a named industry figure, it adds to the growing body of evidence that well-capitalized actors are using the current fear cycle to build ETH positions through DeFi yield strategies rather than passive holding.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.