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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.

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.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628