In the ongoing bullish cryptocurrency market sentiment, on-chain analytics firm Nansen made a post on X (previously Twitter) that gained massive attention from the crypto community. According to Nansen’s post, DBS, Singapore’s largest bank, is a crypto whale, holding a massive 173,753 Ethereum worth $647 million in its wallet address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e.
Nansen disclose DBS bank ETH holding
However, this massive Ethereum holding has not been updated since December 31, 2023. Additionally, Nansen cited in its post that despite DBS’s massive Ether holdings, they also made over $200 million in ETH by holding ETH.
We've identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec'23This address has made over $200m by holding ETH… Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ
— Nansen (@nansen_ai) May 30, 2024
One more thing users need to know is that Ethereum’s blockchain technology is a prominent choice for investment banks in the capital market within this rapidly evolving cryptocurrency landscape and Web 3.0. DBS is not a new player in this crypto industry. As of now, it offers multiple crypto-related services like digital asset custody, portfolio management applications for digital assets, and trading exchanges for security tokens.
Nansen’s recent disclosure comes amid the overall crypto community eagerly awaiting the debut of spot Ethereum ETFs (exchange-traded funds) in the United States, which have the potential to boost the overall cryptocurrency market and increase the rate of adoption. The approval of a spot Ethereum ETF could bring in significant institutional investment, driving up demand and potentially stabilizing the market further.
Ether price-performance analysis
Meanwhile, Ethereum is currently trading near $3,750, and in the last 24 hours, it experienced a 2% downside move. Over a longer period, in the last 7 days, Ether’s price has remained stable, currently down by 2.7%. In the last 30 days, Ether’s price has increased by more than 23.5%. This increase can be attributed to several factors, including heightened interest from institutional investors and advancements in Ethereum’s network capabilities, such as the upcoming Ethereum 2.0 upgrades.
According to expert technical analysis, Ethereum is looking bullish and appears to be reversing from the important support level of $3,700. If Ethereum on a daily time frame closes above the $3,800 level, then according to price action and technical analysis, it could surge nearly 8% and hit the $4,080 level. However, if the Ethereum price falls below $3,650, we may see massive downside momentum.
Currently, the overall cryptocurrency market is experiencing downside momentum, down by 1.5%. Top cryptocurrencies like Bitcoin, Solana, Ripple, and Dogecoin are also experiencing downside momentum of 1%, 1.5%, 2%, and 3.5%, respectively.