Whales are selling altcoins as fear continues in the Ethereum (ETH) community, with many expecting a possible market crash.
As the Ethereum Shanghai upgrade approaches, the community and major stakeholders in the crypto landscape are taking action in preparation. Lookonchain recently highlighted the shares of Blockchain Capital, a major crypto whale.
Blockchain Capital dumped a large sum of LSD tokens. For example, the Lookonchain tweet stated that Blockchain equity sold 65,352 RPL value ($2.9M) and 1.5M I DO chips worth $2.52 million. Furthermore, the report indicates that the network now has almost no I DO and 107,085 RPL ($4.52 million).
Interestingly, reports indicate that Blockchain Capital made a profit of $1.05 million from the sale of LDO tokens and $1.09 million from RPL.
Blockchain capital is among the many preparing for the upcoming Shanghai update. Major whales are bracing for impending volatilities associated with Ethereum and altcoins, hence the portfolio realignments.
Some major whales have also been deleveraging their market positions to reduce exposure. Many have no idea what will come with the next update.
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The current reaction where whales are selling is therefore not surprising at all. On March 3, when the Ethereum developers announced the end date for the Ethereum Shanghai upgrade, there was a massive upheaval in the market.
Investors approach upgrade with fear
Many investors approach the impending Shanghai upgrade with some trepidation akin to the unlocking of Mt. Gox. As such, significant altcoins are in for a colossal sell-off, with many expecting a sharp market crash.
cripto cradlea cryptocurrency enthusiast, noted that the impending Shanghai upgrade is the last hope for bears.
There is a general feeling that a potential ETH sell-off may occur due to the unlocking, which means more coins on the markets.
another analyst, @oesnetworkHe has a completely different view. The analyst tweeted that;
“$ETH can overcome $BTC mail-#Carry off hard fork The market treats this update as a bad news event, with traders covering the previous news and likely re-buying afterwards. In short, it is the inverse of the ETH 2.0 hard fork from last September. Please refer to the table for more details.”
