F2Pool Co-Founder Swaps $19M Bitcoin for Ether

Big Move in the Crypto Market

A crypto wallet linked to F2Pool co-founder Wang Chun made headlines after executing a massive trade. The address exchanged 235.5 Wrapped BitcoinBTC+0.57% (WBTC), valued at roughly $19.31 million, for 7,848.5 Ether (ETH).

This trade took place right after Bitcoin experienced an overnight dip to around $80,500. The market pullback triggered widespread volatility, leading to more than $1.1 billion in leveraged position liquidations across major trading platforms.

Breaking Down the $19M WBTC to ETH Swap

Onchain analyst Ember CN first spotted the transaction on October 9, 2026. Instead of holding cash or sitting tight, the owner of the wallet chose to reduce Bitcoin exposure and increase Ether holdings.

Wrapped Bitcoin (WBTC) is an ERC-20 token on the EthereumETH-1.60% network that tracks Bitcoin's price at a 1-to-1 ratio. At the time of the swap, Ether was trading near $2,460, putting the exchange rate between the two assets at approximately 0.03 ETH/BTC.

A Multi-Month Strategy Beginning in June 2026

Blockchain analysts point out that this transaction is part of a longer trend for this specific address spanning several months:

• June 2026: The wallet purchased 11,448.4 ETH at roughly $1,690 each and 224.66 WBTC at about $62,554 each, spending a total of $33.41 million.
• August 2026: The holder de-leveraged as prices moved higher. They transferred 12,765 ETH ($28.73 million) to Binance and withdrew 87.68 million USDCUSDC-0.15% to pay back a loan on the DeFi lending platform Spark. Total holdings were estimated at around 65,000 ETH and 1,000 WBTC.
• October 2026: The latest trade shifted roughly one-quarter of the remaining WBTC stash straight into Ether.

Looking back, the entry point in June proved timely, as Ether eventually traded near $2,500—up roughly 47% from the $1,690 purchase level. However, past digital asset performance is not a guarantee of future returns.

Understanding the ETH/BTC Exchange Ratio

Traders often look at the ETH/BTC ratio to gauge how Ether is performing relative to Bitcoin. A higher ratio means Ether is gaining strength against Bitcoin.

On June 7, 2026, the ETH/BTC ratio hit its annual low of 0.0248 around the time Wang Chun began accumulating. Since then, the ratio recovered to around 0.0302, marking a gain of over 20% relative to Bitcoin.

Even with this recovery, the ratio remains below its 2026 opening level of 0.0335. By swapping WBTC for ETH at 0.03, the wallet is effectively positioning for potential upside in the ratio back toward earlier levels. However, if broader market selling pressure persists, the ratio could experience renewed downside.

Short-Term Volatility and Market Risks

Despite long-term repositioning by large holders, Ether has faced short-term headwinds. The token fell from $2,570 to $2,410 over a 24-hour period, breaking below the key $2,600 mark earlier in the week.

Liquidation data reveals that market derivatives saw significant liquidations. Ether liquidations reached $350 million on October 8, slightly exceeding Bitcoin's $304 million in liquidations as prediction markets adopt a cautious stance.