News: Does banking giant DBS hold a large amount of Ethereum (ETH)? Singapore's banking giant DBS Bank holds a large amount of Ethereum (ETH), the native cryptocurrency of the Ethereum network. On-chain analysis company Nansen revealed that a blockchain address allegedly belonging to DBS Bank holds 173,753 ETH. At current market prices, this amount is worth approximately $647 million.

The revelation shocked the crypto community, as DBS is Singapore’s largest bank and a well-known financial institution, with total assets exceeding 739 billion Singapore dollars as of December 31, 2023. The bank’s large holdings of Ethereum, with unrealized gains exceeding $200 million, highlight the growing institutional acceptance of cryptocurrencies.

DBS Bank’s Ethereum bet reflects growing institutional acceptance of cryptocurrencies
According to Nansen’s analysis, the Ethereum address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e is suspected to belong to DBS Bank. Although a DBS spokesperson officially denied “holding this position on [their] books,” on-chain data suggests that the Singapore-based bank is one of the largest Ethereum whales in existence.

Additionally, DBS’s alleged Ethereum holdings are emblematic of the growing institutional acceptance of cryptocurrencies, a trend that continues to gain traction in mainstream markets. The bank itself authored a recent report highlighting Ethereum’s appeal to retail investors, high-frequency trading firms, and hedge funds.

Additionally, DBS’s exposure to Ethereum comes as eager investors await the impending approval of a spot Ethereum exchange-traded fund (ETF) in the United States, a landmark development that is expected to inject a new round of institutional money into the Ethereum market.

Notably, the revelation of DBS Bank’s possible identity as an Ethereum whale highlights the ongoing transition of cryptocurrencies into the financial sector. While the bank’s official stance remains unclear, Nansen’s findings suggest that Ethereum has established a place among Singapore’s elite banking giants. This is undoubtedly a striking development that will undoubtedly boost the momentum of the global cryptocurrency revolution.

Ethereum Price Analysis
As of May 31, 2024, Ethereum (ETH) is trading at $3,734.70. The chart shows a strong uptrend with the 50-day exponential moving average at $3,370.92 and the 200-day exponential moving average at $2,914.42. The recent price increase has been supported by investments from institutions such as DBS Bank. Ethereum has a market cap of $448.87 billion and a 24-hour trading volume of $13.46 billion.

Furthermore, Ethereum has seen significant gains since the January low of $2,292. Fibonacci extension levels indicate possible resistance at $3,517 and $3,922. Institutional investments and the upcoming Ethereum ETFs are likely to drive further interest and price gains. Most importantly, the market’s anticipation for these ETFs could lead to explosive price action, solidifying Ethereum’s position as a leading digital asset.