According to information shared by the online data analysis company Nansen, the wallet address controlled by Singapore’s DBS Bank – 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e – holds 173,753 ETH, which is equivalent to 647 million US dollars at the current market price. Based on the timing of the inflow of Ether, Nansen estimates that the address is currently making a profit of over 200 million US dollars.
However, it should be noted that DBS Bank has been offering digital asset trading functions for qualified investors since September 2022. Therefore, these Ether coins are likely to be held on behalf of users by the bank, rather than being a direct investment by the bank itself.
Since the US Securities and Exchange Commission (SEC) approved the 19B-4 document for Ether spot ETFs, Ether has regained its dominant position in the market after a long absence. Although there has been recent weakness in its trend, many analysts believe that the launch of Ether ETFs is expected to promote the adoption of this cryptocurrency by mainstream institutions. According to Zombit’s report, Bloomberg analysts predict that Ether spot ETFs are expected to go live before the end of June.
