Ethereum

<div class="coinjournal">
 <ul>
 <li>Singapore’s DBS bank holds over 173.7k ETH worth $650 million.</li>
 <li>Blockchain analytics plaform Nansen identified a whale wallet with the ETH as belonging to the bank.</li>
 </ul>
 DBS, Singapore’s <a rel="noopener noreferrer nofollow" title="largest" href="https://thebittimes.com/tag/largest.html">largest</a> bank that boasts nearly $740 billion in assets, <a rel="noopener noreferrer nofollow" title="holds" href="https://thebittimes.com/tag/holds.html">holds</a> Ethereum (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) worth $650 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>.
 On Thursday, blockchain analytics firm Nansen revealed that a whale address with more than 173,700 ETH belongs to DBS. According to Nansen, the said wallet is $200 million in profit on the ETH holdings.
 At the time of writing, the wallet address held 173,753 Ether tokens. At current <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> prices of $3,738, that’s worth around $649.4 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>.
 While this report highlights DBS’ crypto portfolio in terms of <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> holdings, it’s worth noting that the bank has traction in the crypto space. DBS runs a digital asset custody and exchange, catering to accredited investors and announced plans to launch a crypto retail desk.
 DBS recently released a report that showed increased demand for crypto across retail and hedge funds among other investors. Per the research, a lot of the interest is around “ETF-like financial products backed by cryptos.”
 <h2 id="span-style-font-weight-400-sec-recently-approved-spot-eth-etfs-span">SEC recently approved spot ETH ETFs</h2>
 Ethereum price reached highs of $4,000 in March and rose close to the mark this month after the US Securities and Exchange Commission (SEC) approved the rule change that allows for the listing of spot Ethereum ETFs in the US.
 Anticipation is high ahead of the trading debut of ETH ETFs on exchanges. BlackRock’s filing of an updated spot Ethereum ETF S-1 form has added to speculation that this could happen in coming weeks.
 More issuers whose 19b-4s the SEC approved recently are also expected to file their revised S-1s. Bloomberg senior ETF analyst Eric Balchunas sees end of June as a probable timeline.
 DBS’ holding of <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> among other tokens is an overall bullish indicator for Ethereum and the market, particularly in regards to institutional demand. 
 The positive sentiment around US regulatory approach to crypto also adds to this outlook.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/singapore-s-largest-bank-dbs-holds-650-million-in-eth-nansen-tbt90486.html">https://thebittimes.com/singapore-s-largest-bank-dbs-holds-650-million-in-eth-nansen-tbt90486.html</a>

Singapore’s largest bank DBS holds $650 million in ETH: Nansen

Table of Contents

TheBitTimes

Other articles published on May 30, 2024

Bitwise Executive Reveals “The Only Person Who Knew Ethereum Spot ETFs Would Be Approved”

Turkey Enacts New Cryptocurrency Regulations

Dogecoin (DOGE) Lead Dev Shares Crucial Warning

TRUMP token recovers from nasty dip after Donald Trump guilty verdict

Ripple Challenges SEC’s $2 Billion Penalty Demand

Could JasmyCoin Power Japan’s ‘My Number’ Card on iPhones?

Join our free newsletter for daily crypto updates!