At the end of June to early July 2026, two considerable forces with opposing directions emerged on-chain around ETH and WBTC: on one side was Wang Chun, co-founder of the well-known Bitcoin mining pool F2Pool, who, after completing a bottom-fishing of about 70,600 ETH and 966 WBTC from early to late June, began to gradually liquidate part of his positions in early July, cumulatively reducing about 36,600 ETH and 160 WBTC, realizing approximately 3.4 million dollars in profit in this trading round; on the other side was a newly appeared address 0x268…47643, which has been continuously buying ETH and WBTC on-chain since June 30, and by July 4 had accumulated 19,725.38 ETH and 161.35 WBTC, with an estimated total value of around 41.5 million dollars at current prices, paper profits of about 3.59 million dollars, and it was still adding to positions half an hour before this report was released. In terms of timing and targets, both parties almost locked in the same trading window, focusing on ETH and WBTC, yet provided two completely different operational paths of "reducing positions at highs" and "continuing to build positions". In the absence of more derivative and macro position data, this large on-chain behavior by both opposing parties is already enough to serve as a key signal for observing the current market expectation divergence.

F2Pool co-founder completes bottom-fishing and cashing out in one month

According to on-chain analyst Yu Jin, Wang Chun concentrated on bottom-fishing approximately 70,600 ETH at low prices from early to late June, equivalent to about 117 million dollars at that time; during the same period, he bought about 966 WBTC, nominally around 60.29 million dollars, with overall bets close to 177 million dollars, and assets highly concentrated in both ETH and WBTC. By early July, he began to gradually liquidate this position built in June: as of now, he has sold about 36,600 ETH and 160 WBTC, realizing approximately 3.4 million dollars in paper profit, thus completing a closed loop from concentrated bottom-fishing to partial cashing out.

In terms of rhythm and position management, this round of operations exhibits a typical path of "heavily building positions at low and gradually reducing positions during the rebound phase": entering the market by rapidly increasing positions within a single time window, and choosing to gradually reduce holdings only after prices rise, merely cashing out part of the profits rather than emptying positions all at once. This style, which emphasizes moderate absolute gains with large nominal funds and focuses on range periods instead of extreme price points, aligns with the market's existing perception of its "smart money" image and also provides a clear reference for observing how large addresses manage similar positions in the future.

New whale continuously scoops up ETH and WBTC

Almost in sync with Wang Chun starting to gradually reduce positions in the previous section, the new address 0x268…47643 has been continuously buying ETH and WBTC since June 30, taking advantage of the price drop. According to monitoring by on-chain analyst Ai Yi, the rhythm of this address's operations is not a one-time "all-in", but rather several incremental increases across multiple time points between June 30 and the report's release on July 4, and there were still new buy orders half an hour before the release, indicating that their building actions have not noticeably slowed down within the current price range and are closer to a planned step-by-step layout.

By July 4, this address had cumulatively bought 19,725.38 ETH and 161.35 WBTC, with a nominal value of approximately 41.5 million dollars at the then-market price, and paper profits of about 3.59 million dollars, forming a large bullish exposure comparable to Wang Chun's but in the opposite direction within just a few days. Since 0x268…47643 is a newly appeared large address, existing public information cannot confirm whether it is a trading institution, a fund product, or an ultra-high-net-worth individual, nor can it determine if its strategy is for short to medium-term swings or longer-term allocations. What can be confirmed is that during the critical interval from late June to early July, an on-chain large participant has continuously taken over ETH and WBTC, with their true intentions requiring further verification through subsequent on-chain behavior.

Veteran reduces positions while new force increases them, with long and short facing off on-chain

In terms of rhythm and cycles, Wang Chun and 0x268…47643 are almost on two completely opposing tracks. The former concentrated on bottom-fishing about 70,600 ETH and 966 WBTC from early to late June, and by early July had begun to gradually sell, completing about a month of trading operations and realizing approximately 3.4 million dollars in profits; the latter only started building positions after June 30, prior to which there were no retrievable large historical records, and as of July 4, it continued to buy, holding about 19,725.38 ETH and 161.35 WBTC, with paper profits of about 3.59 million dollars but showing no obvious signs of reducing positions. Both participants only focus on ETH and WBTC, and their time windows are highly overlapping, with one side being a veteran cashing out at highs and the other a new address going against the trend, forming a clear "one sells, one buys" standoff on-chain with highly overlapping assets.

This standoff appears to be more of a mismatch in different holding cycles and risk preferences rather than a simple "smart money harvesting retail" story: Wang Chun completed a bottom-up trading cash-out in a month, while the new address chose to extend its building curve in the same range, keeping a position of about 41.5 million dollars still open in the market. Currently, publicly available data does not show any direct association or coordinated behavior between the two, and there is a lack of broader market data to support a "one-sided dominance" conclusion. On a visible on-chain level, we can confirm that the same batch of ETH and WBTC is being traded by large accounts with distinctly different styles; this divergence itself is a direct reflection of the current expectation gap.

Tens of thousands of ETH and WBTC change hands, market sentiment amplified

According to data from AiCoin, since late June, ETH and WBTC have been in a relatively low volatility range after experiencing a round of adjustments. This price level not only provides an opportunity for early entrants to cash out profits but also offers a reason for new funds to enter at a "discount". The operations around ETH and WBTC by Wang Chun and the new address 0x268…47643 have a combined estimated nominal scale exceeding 200 million dollars. In such a liquidity and sentiment-sensitive range, tens of thousands of spot chips changing hands in a short period can easily amplify market participants' subjective feelings of "someone is making a large exit" or "a new whale is buying against the trend".

From a trading depth and psychological perspective, such large spot turnover does not necessarily change the trend but will directly affect market participants' judgments on "whether the bottom is solid" and "whether the selling pressure has cleared": on one hand, leading addresses cashing out tens of millions of dollars in profits at low levels may be interpreted as caution from some early funds regarding the current rebound space; on the other hand, the emergence of a new entity absorbing about 41.5 million dollars' worth of ETH and WBTC at the same time may be viewed by another group as an implicit endorsement of mid- to long-term value. However, current publicly available on-chain information only covers a small number of large address behaviors, lacks broader spot position distributions, leverage, and derivative data support, and does not provide evidence that these transactions have directly rewritten the overall price trajectories of ETH or WBTC. Therefore, a more reasonable approach is to regard this significant turnover of chips as a structural clue reflecting expectation divergence rather than a sufficient basis for supporting positional decisions.

Three on-chain signals to monitor going forward

Given that current public data has not disclosed more follow-up plans for the two types of funds, we can only rely on subsequent on-chain transactions as the main basis for judgment, with a focus on three clues: first, continue to track the addresses associated with Wang Chun, observing whether he maintains the current remaining positions after realizing about 3.4 million dollars in profits through partial reductions, further reduces positions to lock in profits, or re-enters during price fluctuations to illustrate his real-time judgment on the mid- to long-term cost-performance ratio of ETH and WBTC; second, track the new whale address 0x268…47643, which as of July 4 continues to buy ETH and WBTC with a total position value of about 41.5 million dollars, observing whether it continues to increase buying force, turns cautious and stops, or begins to gradually reduce positions, so that the rhythm changes can infer whether this address leans towards short-term trading or longer-term holding; third, compare the operational paths of these two large addresses with the subsequent price performance of ETH and WBTC and the evolution of macro narratives, assessing over a longer timeframe whether this recent turnover of large positions around core assets reflects a short-term sentiment divergence or a deeper signal that is slowly reshaping the market structure.

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