DBS, the largest bank in Singapore, has been named a major holder in Ether. DBS reportedly holds 173,753 ETH tokens worth approximately $647 million, at $3,730 for every digital token. Nansen shared this, further highlighting that DBS has fetched over $200 million in profits from its holdings. An on-chain analytics firm elaborated that the bank had almost S$739 billion in total assets as of December 31, 2023.
ETH is currently listed at $3,743.22, with a slight dip of 0.94% in the last 24 hours and 0.17% in the last 7 days. However, it is up by 18.55% in the last 30 days.
This is not the first time that DBS has emerged as an active participant in the market. It is known to offer broad services like a trading exchange for security tokens, digital asset custody, and portfolio management. DBS’s involvement aligns with its mission to serve the growing interests of its customers, including retail and other traders like high-frequency traders.
DBS had previously launched a digital Yuan merchant collection solution. The service is still accessible to business clients, enabling them to receive payments via CBDC, an acronym for Central Bank Digital Currency. It further allows customers to leverage automated e-CNY settlement into their bank accounts.
This comes when the market anticipates an early launch of Spot Ether ETF in the US. They are expected to accelerate the adoption of crypto. It could take a while, though, as the SEC has yet to approve all registration forms. That would essentially mark the beginning of its trading operations. Nevertheless, Spot Bitcoin ETFs are in the market and making huge waves for traders and investors.
The market is reaching saturation, with growth at a limited pace expected to happen in the future.
Nansen has also shed light on how many people in Singapore hold crypto. The firm conducted a study involving nearly 2,000 participants. It concluded that 57% held digital assets, all of them financially savvy and holdings between $1,000 and $25,000.
Singapore will likely continue its walk toward achieving a greater good with crypto. It has earlier engaged with relevant authorities to boost digital currencies and their adoption. The Monetary Authority of Singapore, MAS, completed a test on cross-border trading and settlement via wholesale CBDC in September 2023 with the Bank for International Settlements and the Central Banks of Switzerland and France.
The market cap and 24-hour trading volume are currently down by 0.87% and 12.41%, respectively. It sports a volatility of 11.04% and a 14-day RSI of 64.81. Sentiments are neutral despite 17 green days in the last 30 days – roughly 57% as the Fear & Greed Index carries 73 points for Greed.