Who Holds $650 Million in Ethereum? Possible Identity of Major ETH Whale Uncovered

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• Nansen identifies DBS Bank as holder of an Ethereum wallet with $650 million worth of ETH.
• DBS Bank, with $739 billion in assets, potentially ranks among the world’s largest Ethereum whales.

A recent investigation by Nansen, a blockchain analytics company, suggests that DBS Bank, the largest bank in Singapore, may be the entity behind an Ethereum wallet containing $650 million in ETH. This identification could make DBS one of the world’s major Ethereum holders.

We've identified this $650m $ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of 31 Dec'23

This address has made over $200m by holding ETH… 🤯

Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ

— Nansen 🧭 (@nansen_ai) May 30, 2024

DBS Bank, with assets amounting to $739 billion, has expanded its services beyond traditional banking to include cryptocurrency. The wallet in question has reportedly seen a $200 million profit from holding ETH. 

However, DBS has not confirmed ownership of this wallet. Nansen’s analysis implies that the ETH might be managed for investors via DBS’s digital exchange, rather than being direct assets of the bank.

The bank launched a cryptocurrency trading and custody service in 2020, alongside a platform for security token offerings. DBS Exchange clarified at launch that it would not directly hold assets but would offer custody services to its investors. 

In related market news, ETH’s price was slightly down by 0.01% over the last 24 hours, with a recorded price of $3,784.

Crypto analyst Ali noted an increase in Ethereum addresses holding at least 10,000 ETH, suggesting a trend from distribution to accumulation among large-scale holders. This shift in Ethereum holdings indicates a growing interest and stabilization in this cryptocurrency segment.