The share of Ether 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 the near term.
The amount of Ether (ETH) 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.