A recent investigation has potentially unveiled the identity of a significant Ethereum whale holding a staggering $650 million worth of ETH. According to on-chain data, this whale might be DBS Bank, the largest bank in Singapore, with assets totaling $739 billion.

Nansen, a blockchain analytics firm, has identified a massive Ethereum wallet containing $650 million in ETH, which they attribute to DBS Bank. If confirmed, this would position DBS among the largest Ethereum holders globally.

DBS Bank, known for its substantial asset base, has made significant strides not only in traditional banking but also in the rapidly evolving world of cryptocurrencies. The wallet identified by Nansen, flagged as a notable "whale," has reportedly accrued a profit of $200 million by simply holding onto its ETH. Although DBS Bank has not officially confirmed the wallet's ownership, the evidence provided by Nansen strongly indicates that the wallet's holdings may be linked to DBS Bank's digital exchange for accredited investors.

This speculation is bolstered by DBS Bank's history in the crypto space. In 2020, DBS Bank launched a crypto trading and custody service along with a platform for security token offerings. At that time, DBS Exchange stated that while it wouldn't directly hold assets, it would offer custody services for investors. Therefore, the ETH in question could represent assets managed on behalf of these investors rather than being directly owned by the bank.

As of now, ETH was trading at $3,784, down 0.01% in the last 24 hours. Additionally, crypto analyst Ali recently observed an increase in Ethereum addresses holding 10,000 ETH, indicating a market shift from distribution to accumulation.

The potential involvement of a major traditional financial institution like DBS Bank as a significant Ethereum whale underscores the growing intersection between conventional finance and the cryptocurrency market. This development also highlights the increasing institutional interest in digital assets, which could further legitimize and stabilize the crypto market.