There were fears that after the Shapella Upgrade, there would be a massive sale due to ETH unlocking. However, on-chain data shows that this is the opposite of what happened when the Shapella Upgrade went live on April 12, 2023.
ETH 2.0 Deposit Contract Surges to ATH of 18,011,903 ETH
ETH 2.0 Deposit Contract Surges to ATH of 18,011,903 ETH after the Shapella Upgrade unlocks all ETH.