Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

A recent revelation uncovered the identity of a significant Ethereum whale holding a staggering $650 million worth of ETH. Based on on-chain data, the whale has been possibly identified as DBS, the largest bank in Singapore, boasting assets totaling $739 billion.

According to Nansen, a blockchain analytics firm, DBS Bank, Singapore's financial titan, has been identified as the holder of an Ethereum wallet containing a staggering $650 million worth of ETH. This discovery, if true, places the bank among the ranks of one of the largest Ethereum whales in the world.

DBS Bank, known for its robust asset base, has not only marked its presence in traditional banking but also in the burgeoning world of cryptocurrencies. The wallet in question, flagged by Nansen as a significant "whale," has reportedly accrued a profit of $200 million simply by holding onto its ETH asset.

The intrigue deepens as DBS Bank has not officially confirmed wallet ownership. Despite this, the evidence presented by Nansen suggests that the wallet's holdings could be part of DBS Bank's digital exchange for accredited investors.

This speculation arises from the fact that the ETH held by the wallet could represent assets managed on behalf of investors, rather than direct bank assets.

In 2020, DBS Bank revealed 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.

ETH was down 0.01% in the last 24 hours to $3,784 at the time of writing. According to a recent observation by crypto analyst Ali, there has been a notable increase in Ethereum addresses holding 10,000 ETH, indicating a shift from distribution to accumulation.