Hi google chrome element inspector don't see nothing i already test it out. i think is a new implementation. After all i just test. I will not use this ad because this big gap space. I think is no problem with "Link TEXT Only" under the image.
It can't be Google's fault because white space is above Adsense ads notification icon (small blue arrow). Check your HTML code or paste it here.
If you want to be sure, add some random text/image above Google Adsense code and see if there is still blank space between your text/image and adsense ad or not. If it is, then probably you have some CSS dublicates what cause the white blank space. If not, but white space is between added text/image and above content, then look CSS/code what cause it.