Here’s What Ethereum (ETH) Whales Are Doing Hours Ahead Shanghai Update

As the Ethereum network prepares for the upcoming Shanghai update and a massive ETH unlock, whale behavior seems to be adjusting accordingly. Notable Ethereum whales, including Blockchain Capital, have been making significant trades on the market, possibly in anticipation of the potential volatility associated with the update.

Blockchain Capital recently sold 1.5 million Lido DAO (LDO) tokens at a price of $2.33, generating a profit of $1.05 million. The company initially purchased the LDO tokens with 1,000 ETH at an average price of $1.64 between Jan. 27 and Feb. 21, 2022. By selling these tokens, they received 1,871 ETH, valued at $3.57 million.

1/ 17-hour countdown until #Ethereum #Shanghai!

Blockchain Capital sold #LSD tokens today:
1.5M $LDO($2.52M)
65,352 $RPL($2.9M)

And currently holds no $LDO and 107,085 $RPL($4.52M). pic.twitter.com/hg17d0VJEG

— Lookonchain (@lookonchain) April 12, 2023

Additionally, Blockchain Capital traded Rocket Pool (RPL) tokens, selling 65,352 RPL for 1,522 ETH ($2.9 million) at $44. The company previously bought 59,236 RPL with 2 million USDC at $34 and 61,539 RPL with 600 ETH ($2.15 million at the time) at $35. According to the current prices, the profit from these transactions is around $1.09 million. Blockchain Capital now holds 107,085 RPL, valued at $4.52 million, across two addresses.

These significant trades by Ethereum whales might be a sign of strategic repositioning ahead of the anticipated Ethereum update and unlock. As uncertainty looms over the market, large retail traders are also seen deleveraging and closing positions, potentially indicating a mass derisking in preparation for the significant event.

The market’s reaction to the upcoming Ethereum unlock remains uncertain, as the majority of investors are unsure about the consequences for the second largest cryptocurrency. At press time, Ethereum is trading at $1,870, with an insignificant 1% price change over the last 24 hours.