Chinese Mining Founder’s Wallet Activity Looks Like Profit-Taking, Not Noise
F2Pool co-founder Wang Chun moved part of his June Bitcoin and Ethereum buys to Binance after prices bounced in July. The estimated profit was about $3.4 million. My take: that is not huge for someone at his level, but the pattern is too clean to shrug off. Buy the dip. Catch the rebound. Send coins to an exchange. Take money off the table.
On-chain data shows Wang bought about 70,600 ETH and 966 WBTC in June. The ETH was worth roughly $117 million, while the WBTC was worth about $60.29 million. After the July recovery, he transferred 36,600 ETH and 160 WBTC to Binance. One wallet does not prove a market trend. That part matters. Still, traders watch this kind of transfer because coins usually head to exchanges when someone wants to sell or hedge. Sometimes they just want the option ready.
Another transaction was harder to ignore. A wallet allegedly tied to Mining Express swapped 5,004 ETH for about 8.8 million DAI roughly 16 hours before the report. Blockchain researcher Specter first flagged the address on June 15 and later shared linked wallets for others to check. Why does this matter? Because a swap that large into a stablecoin usually means someone is stepping away from price risk. Add the Mining Express name, and it stops looking like a plain portfolio adjustment.
Mining Express launched in Ukraine in 2019 under Brazilian founder Kaze Fuziyama. It brought in investors through a multi-level marketing model and was later accused of running a Ponzi scheme. After repayments stopped, the project moved toward cloud rendering and similar businesses. On-chain records show the wallet received 4,512 ETH from a linked address on March 19, 2024. The ETH was later staked through Lido and Ether.fi. By April 2026, all of it had been staked, then fully unstaked on May 4. I will be honest: the unstake is the part I would not wave away. A full unstake followed by a large DAI swap looks intentional. Maybe it is an exit. Maybe it is a cash buffer. Either way, it does not look casual.
Together, the Wang Chun and Mining Express-linked moves say something about how nervous this market still is. Most market reads treat whale profit-taking as background noise. That is only half right. Wang did not wait months to see whether ETH or WBTC could push much higher. He took a fast profit after a short hold, which says plenty about confidence after the rebound. Big holders may still like the upside. Some are also treating rallies as a chance to cut exposure. Both can be true.
That is rough for smaller traders. The chart can look strong right up until a few large wallets start sending inventory to exchanges. Is that unfair? No. It is just how thin crypto confidence can get after a rebound. I would not call this a market-wide sell signal by itself, but I would call it a warning flare.
The Mining Express-linked wallet’s 5,004 ETH swap into 8.8 million DAI adds to the cautious read. Moving from ETH into DAI usually means someone wants less price risk for now. The project’s history makes it look worse than a normal rebalance. It raises the obvious questions: is this capital preservation, preparation for liquidation, or a clean break from market exposure? The timing matters too. The wallet unstaked on May 4, then later made the large stablecoin swap. Counter to the usual advice, the swap itself may be less important than the sequence before it. That feels planned, not panicked.
What this means
These on-chain moves point to caution among large holders, not full-throated bullish conviction. Wang Chun appears to have locked in about $3.4 million from his June ETH and WBTC buys. The Mining Express-linked wallet moved 5,004 ETH into 8.8 million DAI. Different wallets, different stories. Same message. Some large players are using the recovery to cut risk. Short term trades may still work, but the bull case gets weaker if big wallets keep selling into strength.
Traders should watch for more large transfers to exchanges. They should also watch for more ETH-to-stablecoin swaps. ETH’s $1,800 to $1,900 area matters too. If price cannot clear that range cleanly, more holders may take profits instead of waiting. My read is simple: the next few whale deposits matter more than another bullish headline. Wallets tied to projects like Mining Express deserve extra attention because their moves can spook the market faster than ordinary whale activity.
Macro still matters as well. Yes, this slightly contradicts the wallet-first read above, but bear with me. The next FOMC meeting and new inflation data could move risk assets again, and crypto usually feels that faster than anyone wants to admit. If those macro signals turn messy while large wallets keep moving coins to exchanges, the July rebound starts to look less like conviction and more like an exit window.