Chun Wang, a well-known personality in the cryptocurrency community who co-founded two major mining pools, F2Pool and Stakefish, has kept on offloading large amounts of Lido DAO tokens (LDO).

Just now, Wang sold another 300,000 LDO tokens for 517,926 USDT, at a price of $1.726 per token. This sale is part of an ongoing, larger strategy that has seen Wang liquidate millions of LDO tokens over the past several months. For a whale to do this and not have it affect the price in a significant way is pretty impressive.

Since he came back to the market on November 21, 2024, after a 10-month break, Wang has moved a total of 6.4 million LDO tokens for 10.937 million USDT, for an average price of $1.709 per token. The bulk of the sales — around 5.8 million LDO — went on the books in 2025, raking in 10.27 million USDT at an average price of $1.771. Now let’s consider what was (not) happening to Lido’s price while Wang was making these moves. Despite Wang’s significant sales, Lido’s price continued to hold steady, drawing the kind of “what’s up with that?” attention that, in Lido’s case, is probably at least a little bit justifiable.

Chun Wang’s Strategic Sell-Off: What’s Behind the Moves?

The choice by Chun Wang to divest himself of a large volume of LDO has certainly captured the attention of investors in the Lido ecosystem and could be seen as a potential reason to be concerned. Context is crucial here. Wang is not known for making reckless decisions in the market; rather, he is reputed to make moves that are well considered and that work out to the benefit of his personal balance sheet. Generating millions from the sale of LDO suggests that he is well above water on this project and that these moves have been made with favorable market conditions in mind.

Wang is back! After a 10-month hiatus, he returned in November 2024 and has since been selling LDO token in a series of small but steady tranches. Wang’s most recent sale involved 300,000 LDO for over half a million dollars. He seems to be taking profits while the token price is relatively stable and has been by his periodic and steady selling. If we look at the average price he’s sold at since his return, we’ve got an LDO token price in the 1.73 to 1.75 range.

The larger question remains: Why is Wang now unloading so many tokens? One likely reason could be the metamorphosing market conditions. While the crypto market seems to be in a constant state of evolution, at the moment, it is afflicted with increased uncertainty and talk of potential regulation. For many whale investors, including Wang, who has been described as “a whale among whales,” this milieu might be serving as a prompt to move toward profit-taking and away from holding what might be perceived as riskier assets in the event of a market downturn.

The cryptocurrency market as a whole is still in a state of flux. Wang, a veteran in this arena, very likely foresees further upheavals in the market and is attempting to cut down on his exposure by slowly selling off tokens. In doing so, he seems to be more concerned with securing the profits he has already made and with avoiding any disastrous losses that could happen if the market as a whole corrects itself.

Market Impact and LDO’s Price Decline

The LDO price has been affected noticeably by Wangs’s recent sell-offs, especially the 300,000 LDO tokens. The price of LDO has dropped 3.30% in the past hour, which is not good, and seems to be a direct result of Wang’s whale-sized sell-off. And as many seasoned investors know, when a whale liquidates a big portion of their holdings, it can trigger a chain reaction where smaller retail investors panic and start selling too. At the moment, it looks like the price of LDO is getting pushed down as a result of Wang’s troubles.

Recently, there have been major fluctuations in the LDO market, and the sales of Wang have served to remind people that a whale can really sway things when it comes to the price of a token. Now, it should be noted that not everything is Wang’s fault, or even LDO’s fault, for that matter; the market is a total system, and sometimes things just go down for a bit. But if you’re holding a token that seems to be under some serious amount of pressure, to have whale sales occurring has got to be a somewhat unnerving situation on which to ruminate.

It’s also necessary to take into account that Wang’s choices could be based on something other than just the immediate market. He might have a long-term game plan and be slowly reducing his exposure to LDO with no intention of quickly cashing out. In this scenario, Wang could continue to have a sizable stake in Lido and be just as next-generation Internet investment as when he first bought LDO, with a much-reduced risk that he might have to take a loss anytime soon.

Chun Wang’s Remaining LDO Holdings: What’s Next?

Chun Wang is not exiting his position in LDO completely, even after selling millions of tokens. Wang has 2.2 million LDO tokens, worth about $3.83 million, still in his possession. He has a large, user-side governance stake in the Lido DAO that is not up for sale. The apparent value of LDO tokens and Wang’s large, in-the-money stake indicates that he does not have a short-term bearish outlook on LDO. Instead, he appears much more neutral to optimistic in his outlook for LDO governance tokens and the future viability of the Lido DAO.

The crypto community will be watching Wang closely, and for good reason. The community’s eyes are on him because all of this has something to do with potential directionality in market sentiment and trends. If Wang decides to maintain his position, the LDO price is likely to be more stable than if he continues with the divestiture he’s been doing in recent weeks.

Conclusion: What Chun Wang’s Actions Mean for LDO and Crypto Investors

Chun Wang’s current sale of LDO tokens does not appear to be the move of a desperate investor. Instead, it looks like the kind of decision a rational, strategic investor would make when managing a large-scale investment in a highly volatile market. So even if Wang’s LDO token sales are having an immediate, adverse effect on the price of Lido DAO tokens, his decision to sell off in this manner is not a bad look for Lido DAO or for crypto at large.

For LDO investors, Wang’s actions should remind them of the risks and rewards associated with holding volatile tokens. Lido is a well-performing DeFi project with sound fundamentals, but the price moves—up or down—that tend to happen when news breaks and the subsequent market sentiment can be significantly affected by the presence or absence of whales. If the market continues to sell off, or if more prominent Lido investors start liquidating their LDO holdings, the token is in danger of losing a grip on the low-$1 range it’s been seen testing recently. At best, all of this is a not-so-covert way of saying “watch out.”

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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