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A recent analysis by blockchain firm Nansen has flagged a significant Ethereum wallet, reportedly belonging to DBS Bank, the largest bank in Singapore.
The wallet address, 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, held 173,753 ETH at the time of the report, worth $647 million. The wallet has reportedly garnered a profit of around $200 million from its Ether holdings.
While DBS has not yet confirmed the ownership of the Ether wallet, there is speculation that the funds could belong to DBS’s digital exchange for accredited investors. Some community members suggest that the Ether held in the wallet might be assets managed on behalf of clients rather than the bank's proprietary holdings.
DBS and the Crypto Market
Worth noting, that DBS Bank is no stranger to the world of digital assets. It provides a variety of services related to cryptocurrencies, including digital asset custody, a trading exchange for security tokens, and a portfolio management app that caters to both traditional and crypto assets.
According to Etherscan data, the bank holds a substantial amount of ETH, making it one of the top 40 holders of the second-largest digital asset by market capitalization.
Thus, it places directly behind centralized exchange wallets such as Crypto[dot]com and Bybit's Hot Wallet 1.
Increasing Interest in Crypto
DBS recently released a report that emphasizes the growing interest in the crypto market from different investor groups, such as retail investors, high-frequency traders, and hedge funds. This increasing interest aligns with broader market trends showing a surge in institutional involvement in cryptocurrencies.
The timing of Nansen's revelations is noteworthy, as the crypto market is currently awaiting the launch of spot Ether exchange-traded funds (ETFs) in the United States. These ETFs are expected to drive further institutional adoption of Ether, integrating it more deeply into the mainstream financial system.
Ethereum $ETH is trading at $3740, down 2% in 24 hours.