"Somehow the ETH price goes up when it's time to upgrade."
The approaching upgrade of Shanghai Ethereum (ETH) has caused various parties such as Blockchain Capital, which is among the biggest cryptocurrency whales to act quickly to sell altcoins.
It was reported that Blockchain Capital sold 65,352 Rocket Pool (RPL) worth $2.9 million and 1.5 million Lido (LDO) worth $2.52 million, where it made a profit of $2.14 million after divesting the two digital assets.
In general, Blockchain Capital is among the whales ready for the Shanghai upgrade as ETH and other altcoins will make volatile price movements during the event.
Even so, the whales selling their holdings is not at all surprising as most investors sold their digital assets in large numbers when the ETH developer on March 3 announced the ETH Shanghai deadline.
Most of the investors who expressed their concern about the Shanghai upgrade have been the reason why the price of altcoins experienced a significant decline as many expected a crash in the crypto market.
According to crypto enthusiasts dubbed Crypto Crib, the Shanghai upgrade may trigger a bearish market and a massive selloff of ETH.
But there are analysts who have the opposite view when he says that ETH may be able to outperform BTC during the Shanghai upgrade adding that investors should not consider this upgrade as bad news.
