According to information shared by the online data analytics company Nansen, the wallet address controlled by Singapore’s DBS Bank – 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e – holds 173,753 ETH, which is equivalent to $647 million at the current market price. Based on the estimated timing of ETH inflows, Nansen calculates that this address currently has a floating profit of over $200 million.
However, it should be noted that DBS Bank has been offering digital asset trading services for qualified investors since September 2022. Therefore, these ETH holdings are likely to be held on behalf of customers rather than direct investments by the bank itself.
Since the approval of the 19B-4 filing for an ETH spot ETF by the U.S. Securities and Exchange Commission (SEC), Ether has gained dominant market status after a long absence. Although recent trends have shown weakness, many analysts believe that the launch of an Ether ETF is expected to encourage mainstream institutional adoption of this cryptocurrency. According to a report by Zombit, Bloomberg analysts predict that an Ether spot ETF is expected to go live before the end of June.
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