Singapore's Largest Bank DBS Potentially Identified as Major Ethereum Whale

According to U.Today, a recent analysis has potentially identified DBS Bank, Singapore's largest financial institution, as the holder of an Ethereum wallet containing $650 million worth of ETH. If confirmed, this would place DBS among the world's largest Ethereum whales. The bank, known for its substantial asset base, has made its mark not only in traditional banking but also in the rapidly growing cryptocurrency sector. The Ethereum wallet in question, flagged as a significant 'whale', has reportedly made a profit of $200 million simply by holding onto its ETH asset. However, DBS Bank has not officially confirmed ownership of the wallet. The evidence presented suggests that the wallet's holdings could be part of DBS Bank's digital exchange for accredited investors. This speculation is based on the fact that the Ethereum held by the wallet could represent assets managed on behalf of investors, rather than direct bank assets. In 2020, DBS Bank launched a crypto trading and custody service and a platform for conducting security token offerings. At that time, DBS Exchange stated that while it would not hold any assets itself, it would provide investors with custody services. In other Ethereum news, there has been a notable increase in Ethereum addresses holding 10,000 ETH, indicating a shift from distribution to accumulation, according to a recent observation by a crypto analyst. This comes as Ethereum's value has seen a slight decrease of 0.01% in the last 24 hours, standing at $3,784 at the time of writing.