DBS Bank Singapore Massive Investment In Ethereum Ahead Of The Bullish Wave

DBS Bank Singapore is investing heavily in Ethereum ahead of the bullish wave (Photo; Doc. Itnewsasia)

JAKARTA - Bank Singapore's DBS has taken a major step by a significant accumulation of Ethereum (ETH). On-chain data analysis from Nansen shows that the Ethereum address associated with the bank now holds 173,387 ETH units, with a value of about 654.4 million US Dollars (approximately Rp10.6 trillion), a move seen as preparation for the Ethereum ETF spot trading debut in the United States.

The DBS Bank, which has grown into a banking giant with assets of nearly 740 billion Singapore Dollars (approximately IDR 8,908 trillion), has obtained the necessary licenses in Singapore to expand its operations in the crypto sector. The bank has committed to the crypto asset industry during the bearish market in 2022/2023 with a long-term view, showing strong confidence in the potential of digital assets.

According to a recent report, quoted from CoinSpeaker, Singapore regulators are likely to establish clearer crypto and CBDC regulations amid increasing demand from retail traders, hedge funds, and high-frequency traders. DBS Bank has also penetrated Web3 sector, partnering with The Sandbox (SAND) to launch a metaverse program called DBS BetterWorld.

The crypto market has responded positively to Ethereum's adoption rate by institutional investors, with this large-capalyzed altcoin rising by more than 20 percent in recent weeks. Hong Kong institutional investors have also accumulated Ethereum through the newly approved Ether ETF spot.

The price of Ethereum against the US dollar is testing the last obstacle before it explodes towards all-time high (ATH). The price of Ether follows Bitcoin price movements, especially after significant changes in crypto regulation in the United States. Bitcoin dominance shows an inevitable reversal after a significant rebound in ETH/BTC pairs on weekly time graphs.