Ethereum whales are dropping in number which historically isn't great for ETH price.
ETH whale population shrinks post-Shapella
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 2023Ether's price is down over 3.
Only shrimps accumulated during the period, with their net position slightly increasing from 1.79 million ETH on April 12 to 1.80 million ETH on May 1.Shapella enabled investors to withdraw the ETH lockedSince the Shapella upgrade, investors have withdrawn over 1.97 million ETH worth around $3.6 billion, according toEthereum whales vs. shrimpsWhale activity typically acts as a leading market indicator. So, rich investors accumulating typically precedes a price rise, and vice versa.
The price-whale positive correlation existed until March 2020, as shown in the chart below. Afterward,
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