According to information shared by on-chain data analysis company Nansen, the wallet address controlled by Singapore’s DBS Bank – 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e – holds 173,753 ETH, which is equivalent to US$647 million at the current market price, and Nansen estimated based on the timing of the inflow of Ethereum. , the address currently has a floating profit of over US$200 million.

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

However, it should be noted that since DBS Bank began to provide digital asset trading functions for qualified investors as early as September 2022, these Ethereum coins are likely to be custody for users by the bank, rather than direct investment by the bank itself. .

Since the U.S. Securities and Exchange Commission (SEC) approved the 19B-4 filing for the Ethereum Spot ETF, Ethereum has achieved market dominance for a long time. Although the trend has been weak in recent days, many analysts believe that Ethereum The launch of the ETF is expected to promote mainstream institutional adoption of the cryptocurrency. According to Zombit reports, Bloomberg analysts predict that the Ethereum spot ETF is expected to be launched before the end of June.

This article Is Singapore’s DBS Bank an Ethereum Whale? The relevant address holds more than 600 million ETH. It first appeared on Zombit.