Ethereum whales are known to always disrupt the market once in a while. In a surprising revelation, DBS Bank, the largest financial institution in Singapore, has been identified as a major Ethereum (ETH) holder.
DBS Made Over $200m by Holding ETH
According to the on-chain analytics firm Nansen, a blockchain address purportedly owned by DBS holds 173,753 ETH, worth approximately $650 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’23
This 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
Notably, the blockchain address associated with DBS has generated impressive returns. Nansen’s report also revealed that the address has made over $200 million from its Ethereum holdings, underscoring the lucrative nature of its cryptocurrency investments
Nansen’s analysis has shed light on the growing acceptance and integration of digital assets by traditional financial institutions. The sheer volume of Ether held by DBS places it among the ranks of the so-called “Ethereum whales” – entities or individuals that possess large amounts of Ether. These entities have the potential to influence market dynamics through their trading activities.
Similarly, OKX, the second largest offshore exchange announced its 19th Proof of Reserves. According to the latest figures, the exchange holds 1,674,211 ETH, up from 1,635,194 in April. This represents a 2.39% increase, adding 39,017 ETH to its reserves.
Spot Ethereum ETF Approval Impact
Notably, this news comes as the crypto market rejoices over the approval of 8 Spot Ethereum ETF products in the US.
While market analysts projected more than 75% approval odds, many spread rumors of denial on X. These rumors stemmed from the historic delays in application for this product from the Securities and Exchange Commission (SEC) before now and the silence leading to the final approval.
The spot Ethereum ETF product approval was granted on an accelerated basis to BlackRock, VanEck, Invesco Galaxy, Fidelity Investments, Bitwise, Grayscale Investments, Franklin Templeton, and Ark 21Shares.
However, the approval is historic as it now places Ethereum as an asset that institutional investors can bet on in a regulated manner. The sentiments around the coin has not shifted its price significantly. The coin is down 1.42% in the past 24 hours to $3,778.65.
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