April 12, 2023
- Whale activity is still minimal.
- USDC and USDT are the largest transactions and are net-sells.
- Whales are holding onto ETH, with an average holding of 31k eth (or $51M)
The Shanghai upgrade is scheduled for 6:47 PM est (April 12). This means staked ETH on validator nodes will be unlocked and puts a limit on how many new people can stake on a given day. What we are inferring is that whales are not planning on selling ETH because of the Shanghai upgrade.
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