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F2Pool co-founder Chun Wang, known on X as Satofishi, bought 5,246 ETH worth $10.78 million over the past two days at an average price of $2,054, according to Lookonchain and Arkham data.
On Nov. 5, with ether trading near $2,400, Wang sold 6,200 wrapped staked ETH (wstETH) for $18.5 million in USDC. Wrapped staked ETH is a version of Lido's staked ether (stETH) that can be used in DeFi protocols.
This week, ether traded about 14% lower than on the day of the sale, and Wang started buying it back.
He withdrew 5,246 ETH from Binance hot wallets in two transfers of 3,996 ETH and 1,250 ETH. The purchase cost him $10.78 million, so about $7.7 million from the Nov. 5 sale is still left in USDC, according to Lookonchain.
Wang then sent 3,996 ETH ($8.23 million) to Lido. Lido is the largest liquid staking protocol on Ethereum. He deposited the wstETH he received into Spark, a lending protocol in the Sky ecosystem, which was previously known as MakerDAO. In Spark, wstETH can be used as collateral, while it continues to earn staking rewards.
Wang entered crypto in 2013
He started out arbitraging Bitcoin between overseas exchanges and China's Taobao and later co-founded F2Pool. He launched the pool in 2013 together with Mao Shixing. At that time, F2Pool was one of the first Bitcoin mining pools in China.
In 2015, he bought a condo in Pattaya for 2,900 BTC. He later sold it for 7 BTC, as the price of Bitcoin had risen many times over.
In 2025, Wang also funded and commanded Fram2, the first crewed spaceflight over Earth's polar regions, on a SpaceX Crew Dragon.
F2Pool also mined ether until Ethereum moved to proof-of-stake in September 2022. Before that, Wang launched the non-custodial staking service stakefish. According to Wang, he decided to do it after a conversation with Vitalik Buterin in 2017. Stakefish was also one of the first node operators of Lido.
Ether is down more than 15% since the start of the month amid outflows from spot ETFs, according to SoSoValue. At press time, ETH is trading at $2,020.