Chun Wang Rebuys $10.78 Million of ETH After $18.5 Million Sale

Chun Wang sold 6,200 wstETH for $18.5 million in USDC on Nov. 5 and bought back 5,246 ETH for $10.78 million over two days at an average $2,054, according to Lookonchain and Arkham on-chain data.

The F2Pool co-founder, known on X as Satofishi, began buying back as ether traded about 14% below the roughly $2,400 level recorded on the sale date. The purchase deployed roughly 58% of the USDC proceeds. Lookonchain estimated that about $7.7 million remained in USDC after the $10.78 million ETH purchase.

How Wang rebuilt the ETH position

Wang withdrew the 5,246 ETH from Binance hot wallets in transfers of 3,996 ETH and 1,250 ETH. He then sent the larger, 3,996-ETH tranche—valued at $8.23 million in the report—to Lido, the largest liquid staking protocol on Ethereum.

The conversion produced wstETH, the wrapped form of Lido’s staked ether that can be used across decentralized finance protocols. Wang deposited the wstETH into Spark, a lending protocol within Sky, the ecosystem formerly known as MakerDAO. There, the wstETH serves as collateral while continuing to earn staking rewards.

Operationally, the sequence did not end with a passive ETH holding. Wang sold a yield-bearing DeFi asset for stablecoins, bought the underlying token, restaked it and placed the receipt token into a lending market. The route combines staking yield with a collateral use, while the roughly $7.7 million USDC balance remains undeployed.

What does this change for traders and liquidity providers?

The practical change is the location and use of Wang’s exposure: a $10.78 million spot purchase was followed by $8.23 million moving into a DeFi lending market. The sequence is large enough to matter for Ether liquidity around major venues, but one operator’s rotation does not establish a market-wide accumulation trend. Wang retained more than 40% of the sale proceeds in USDC and has not committed the full $18.5 million to ether.

At press time, ether traded at $2,020, more than 15% below its level at the start of the month, according to SoSoValue, which cited spot ETF outflows as context. Wang’s $2,054 average purchase price therefore stood about $34 above the market price at publication.

The operating history behind the trade

Wang entered crypto in 2013, arbitraging bitcoin between overseas exchanges and China’s Taobao. That year, he co-founded F2Pool with Mao Shixing; the operation became one of China’s first bitcoin mining pools.

In 2015, he bought a condo in Pattaya for 2,900 BTC and later sold it for 7 BTC as bitcoin’s price rose. His capital allocation has also extended to spaceflight: in 2025, Wang funded and commanded Fram2, described in the report as the first crewed spaceflight over Earth’s polar regions, aboard a SpaceX Crew Dragon.

F2Pool mined ether until Ethereum moved to proof of stake in September 2022. Before that transition, Wang launched the non-custodial staking service stakefish. He said he decided to launch it “after a conversation with Vitalik Buterin in 2017.” stakefish became one of Lido’s first node operators.

That history provides context for the transaction’s mix of exchange liquidity, node expertise and DeFi infrastructure. It also frames the move as active balance-sheet management rather than a one-off market order.

Going forward, the observable market-structure signal is whether Wang redeploys the remaining roughly $7.7 million in USDC through the same Lido-to-Spark route; on-chain transfers will show whether Ether exposure moves further from exchange holdings into yield-bearing DeFi collateral.