Breaking Crypto News – What Are the Potential Implications of DBS Bank Being a $650 Million Ether Whale?
Breaking Crypto News – An Ether whale is DBS, the biggest bank in Singapore, according to on-chain analytics company Nansen. Presumably controlled by DBS, the blockchain address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e had 173,753 ETH, or $647 million, earlier today. As of this writing, Ether had been traded for $3,740. According to Nansen, the address’s ether holdings have brought in over $200 million.
Investment Banks Are Turning to Ethereum
Investment banks now turn to Ethereum as their go-to platform when tokenizing capital markets over time. The bank is not new to the cryptocurrency space and provides a number of services, such as custody for digital assets, a security token trading platform, and an app for managing portfolios containing both traditional and digital assets. Hedge funds, high-frequency traders, and regular investors are becoming more interested in the cryptocurrency market, according to recent bank research.
The crypto market is eagerly awaiting the launch of spot ether exchange-traded funds in the United States, which are predicted to increase the cryptocurrency’s mainstream institutional acceptance. Nansen’s disclosure of DBS‘ ether holdings comes at the same time. Many publicly traded companies have diversified their reserves by utilizing cryptocurrencies, primarily crypto, since 2020.
FAQ
What is an Ethereum Whale?
An individual with large cryptocurrency holdings and significant market power is referred to as a whale. Whales are also individuals or entities that have a sufficient amount of cryptocurrency to be able to influence their spot price on the market.
What is a Whale Wallet?
A wallet address that has a large quantity of cryptocurrency is known as a crypto whale. Because crypto whales have the power to dramatically affect price fluctuations, the community and investors keep a close eye on them. Whales can also lead to an increase in price volatility.
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