The share of Ethereum (ETH) held by so-called whale addresses has dropped since Ethereum's Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in t near term.

The amount of Ether held by addresses with 1,000-10,000 ETH, or "whales," was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum.

Interestingly, a week before the Shapella upgrade, the Ethereum whale cohort held 14.303 million ETH, the highest amount in 2023

Ether's price is down over 3.5% since the Shapella upgrade— suggesting that several whales may have indeed "sold the news."

Interestingly, other address cohorts also showed a decline, including sharks (100-1,000 ETH), fishes (10-100 ETH), crabs (1-10 ETH), and even mega-whales (10,000+ ETH).

(by Yashu Gola)