An address tied to F2Pool co-founder Wang Chun sold 235.5 wrapped bitcoin (WBTC) worth $19.31 million for 7,848.5 ETH on October 9. The swap occurred at an ETH/BTC exchange rate near 0.03, following an overnight decline that brought bitcoin to $80.5K.
The transaction represents the latest move in what onchain analysts have tracked as a sustained bet favoring ether performance relative to bitcoin over the past four to five months.
Pattern of Accumulation
The swap fits within a documented series of trades by the Wang Chun-linked wallet:
- June 2026: The wallet purchased approximately 11,448.4 ETH at roughly $1,690 each and 224.66 WBTC at approximately $62,554, totaling $33.41 million.
- August 2026: As prices rose, the holder reduced leverage by moving about 12,765 ETH worth $28.73 million to Binance and withdrawing 87.68 million USDC to repay a loan on the Spark lending protocol. Holdings were tracked at approximately 65,000 ETH and 1,000 WBTC at that point.
- October 2026: The recent trade converted nearly a quarter of the WBTC stack into ether.
The ETH/BTC Ratio Context
The trade reflects positioning based on the ETH/BTC ratio, which measures how many bitcoin one ether can purchase. The ratio reached a 2026 low of 0.0248 in June, when Wang Chun began accumulating ether. It has since climbed to approximately 0.0302—a gain of more than 20% against bitcoin.
The ratio opened 2026 at about 0.0335. A holder swapping WBTC into ETH at the 0.03 rate is effectively positioning for the ratio to climb back toward that level rather than fall to its June low.
Recent Market Conditions
The swap's timing coincided with significant market volatility. The trade occurred as $1.1 trillion in leveraged positions faced liquidation. Ether experienced sharper declines than bitcoin in the recent selloff, dropping from $2.57K to $2.41K over 24 hours. ETH liquidations reached $350 million on October 8, exceeding bitcoin's $304 million in liquidations.
