F2Pool co-founder Wang Chun has withdrawn approximately $21 million in Ether and Wrapped Bitcoin from Binance, according to blockchain data. The move underscores a growing preference among crypto whales for self-custody and decentralized finance platforms over centralized exchanges.
Chun's assets were transferred from the exchange to an address linked to a DeFi protocol. On-chain analysts noted the wallet now holds a significant balance of ETH and WBTC, though specific staking or lending activity has not been publicly confirmed. The withdrawal comes amid heightened scrutiny of centralized exchange reserves following the FTX collapse.
Regulatory uncertainty around exchange custody remains a key driver of such capital outflows. U.S. authorities have increased enforcement actions against platforms that commingle user funds, while the European Union's MiCA framework imposes stricter reserve requirements. Some industry observers view large withdrawals as a vote of confidence in decentralized alternatives.
The move represents roughly a 0.02% swing in Binance's reported total value locked for Ethereum-based assets. While not market-moving on its own, it aligns with a broader trend: DEX volumes hit a 12-month high in March, outpacing centralized spot market growth. Bitcoin correlation for ETH remains above 0.8, suggesting sector-wide sentiment still drives pricing.
Community reaction has been mixed, with some praising Chun's commitment to DeFi principles while others caution that whale-sized exits could exacerbate liquidity fragmentation. Competing mining pool operators have not disclosed similar moves, leaving the scope of this trend uncertain. No other co-founders have publicly matched Chun's withdrawal pattern.