Is Singapores DBS Bank Actually a Whale in Ethereum Holding Over 600 Million ETH at a Related Address

According to information shared by online data analysis company Nansen, the wallet address controlled by Singapore’s DBS Bank – 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e – holds 173,753 ETH, equivalent to approximately $647 million at the current market price, and Nansen estimates that the address currently has a floating profit of over $200 million based on the timing of ETH inflows. However, it is worth noting that DBS Bank has been providing digital asset trading functions for qualified investors since September 2022, so these ETH coins are likely held in custody by the bank on behalf of users, rather than being a direct investment of the bank itself. Since the U.S. Securities and Exchange Commission (SEC) approved the 19B-4 filing for an ETH spot ETF, ETH has long been dominant in the market. Despite recent weakness, many analysts believe that the launch of an ETH ETF is likely to promote mainstream institutional adoption of the cryptocurrency. According to a report by Zombit, Bloomberg analysts predict that an ETH spot ETF is expected to be launched by the end of June.