F2Pool Co-Founder Bets $19M on Ether

The Swap Explained

Onchain analyst EmberCN flagged the trade early on Oct. 9 after the market slid overnight, bringing BTC to a price point of $80.5K before recovering (all while simultaneously witnessing $1.1 trillion in leveraged positions being liquidated).

The tracked Wang Chun address sold 235.5 wrapped bitcoin (WBTC), a token on Ethereum backed one-to-one by BTC, and took 7,848.5 ETH in return. At the time of the transaction, ether’s price was at about $2,460 and the ETH/BTC exchange rate stood at 0.03.

The timing is what makes it stand out because instead of selling or sitting still, this wallet rotated, cutting bitcoin exposure and adding ether exposure while the bitcoin price was sliding below $81,000 and more than $1.1 billion in leveraged positions were liquidated.

A Paper Trail That Starts in June

The latest swap seems to fit a pattern that onchain trackers have been closely watching over the past four to five months:

• June 2026. Over roughly 15 hours, a wallet attributed to Wang Chun bought 11,448.4 ETH at about $1,690 each and 224.66 WBTC at about $62,554, a combined $33.41 million.
• August 2026. As prices rose, the same holder cut leverage. About 12,765 ETH worth $28.73 million moved to Binance, and 87.68 million USDC was withdrawn to repay a loan on the lending protocol Spark. At that point, trackers put the holdings at about 65,000 ETH and 1,000 WBTC.
• October 2026. The latest trade shifted nearly a quarter of that WBTC stack into ether.

The June entry looks well timed in hindsight, given ether now trades near $2,500, roughly 47% above that $1,690 buy price.

The Ratio Behind the Trade

The cleanest way to read the move is through the ETH/BTC ratio, which measures how many bitcoin one ether buys. According to onchain metrics, the ratio hit its 2026 low of 0.0248 on June 7, the same month Wang Chun began accumulating. It has since climbed to about 0.0302, a gain of more than 20% against bitcoin.

There is still room before the ratio gets back to where it started the year, as ETH/BTC opened 2026 at about 0.0335. A holder swapping WBTC into ETH at 0.03 is effectively betting that the ratio keeps climbing back toward that level, not falling to its June floor.

That said, the bet is not an easy call this week, especially since ether seems to have taken a sharper hit than bitcoin in the latest selloff. Bitcoin.com News reported that ethereum’s price has cracked, slipping from $2.57K to $2.41K over the past 24 hours. At the same time, prediction markets have turned cautious, and ETH liquidations reached $350 million on Oct. 8, ahead of bitcoin’s $304 million.

Ethereum’s latest selloff has prediction markets pulling in three different directions. Ether fell through $2,600 on Wednesday as U.S. spot…