The Shanghai Upgrade Is Tonight: Whales Plan To Keep Their Ethereum

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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