$75 billion Bank Denies Holding MASSIVE Ethereum Position

Men lie, women lie, blockchains don't

$75 billion Bank Denies Holding MASSIVE Ethereum Position

The blockchain keeps all the receipts. What I mean by this is blockchains don’t lie.

They hold an immaculate record of what was bought and sold. But blockchain addresses are anonymous. Instead of having a name attached to them, they’re made up of random strings of alphanumeric characters.

There are entire companies whose sole job is to try and figure out the names of the people or companies behind the biggest blockchain addresses. One such firm is the blockchain analytics company Nansen.

Nansen uncovered what it believes to be a whale lurking beneath this Etherscan address: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e

(Etherscan allows you to see the entire history of the Ethereum blockchain – all the way back to its beginning. If you know a wallet address, you can simply type it into the search box and see its current balance and entire transaction history.)

According to Nansen, the address belongs to DBS, the largest bank in Singapore with a market cap of $75 billion. A scan of the address shows the bank holds 173,753 ETH, worth $647 million.

At this time, we don’t know whether DBS is holding the Ethereum for itself or on behalf of clients. When contacted the bank stonewalled. The bank has denied that it “has this position on its books.”

What we do know is that DBS has been an early adopter of digital assets. Last year, DBS added support for China's central bank digital currency (CBDC), the e-yuan.

And in 2020, when many banks were still blocking crypto transactions, it launched the DBS Digital Exchange… which allows trading in bitcoin, Ethereum, Bitcoin Cash, Polkadot, Cardano and Ripple.

When the exchange proved popular with its clients, the bank added a custody service as well. And that’s what this $647 million in Ethereum is probably for.

But we don’t know for sure. It would represent a remarkable shift in global banking if the position belonged to the bank itself.

Here’s my speculation: The bank has no reason to stonewall unless it’s building a position for itself. It already facilitates ETH trading… So, admitting to holding ETH for clients requires no secrecy.

But if it is a buyer for its own account, this marks the beginning of what could be a much broader trend of bank participation in the digital asset ecosystem. And that, my friends, is wildly bullish for prices.

Ether’s Turn to Run

I’ve been bullish on Ethereum for years.

Last month, I wrote a Digital Asset Daily essay titled “Why Now Is a Great Time to Buy Ethereum.”

At the time, investor sentiment behind Ethereum was low. The market’s odds that the federal regulators would be quick to approve an Ethereum exchange-traded fund (ETF) had shifted from positive to negative.

I argued that this bearish sentiment was a perfect short-term trade setup for ETH, which at the time was trading around $2,900. Any good news would create a pop in the price, I argued.

And that’s exactly what happened…

On May 23, the Securities and Exchange Commission approved several spot ETH fund applications. Just like that, the price of Ethereum’s native token ether exploded higher. It’s run up as much as 34% since my May 13 article.

Remember, the average annual gain on the S&P 500 is about 10.3%. That means you had the opportunity to pull forward as much as three years’ worth of market gains in less than a week by following my recommendation.

If you profited from that short-term trade, I’d love to hear what you did with the proceeds. Email your story to [email protected].

What’s Next for Ethereum?

I believe every asset will be tokenized one day. I want you to burn that idea in your mind.

In the future, stocks, bonds, titles of ownership, music rights – everything of value – will have their ownership rights secured by a blockchain.

Ethereum is the world’s most widely used blockchain platform to trade tokenized assets.

So, to me it’s clear that Ethereum will eventually be among the world’s most important global trade network.

That’s because you can tokenize and trade nearly any asset class on Ethereum using NFT technology and smart contracts.

If you can understand this, you’ll position yourself to make generational wealth, just like early investors who understood the power of the internet.

We estimate the combined value of all global assets to be about $844 trillion. In time, I expect Ethereum to swallow up many of these assets.

As Ethereum becomes the global trade network for all tokenized assets, I believe the value of the ETH token will continue to soar higher.

Our research suggests Ethereum could reach $10,000 per token over the next 18 months. That’s a 163% move high from here.

It would take you decades to make that type of return in the stock market. But with this asset class, you can see those types of returns in 18 months or less.

That’s why I’ve been diligently building a community of digital asset investors. I want everyone to recognize the wealth-building power of crypto… As well as its ability to help you achieve true financial freedom without putting your current net worth at risk.

The real beauty of these assets is you don’t have to invest a lot to make a lot.

Friends, if there’s one thing you need to take away from this message it’s this: The whales are coming. First, they will gobble up bitcoin… Then Ethereum… Then the smaller altcoins.

In my opinion, the coming boom will be the biggest crypto bull market of our lives. And I want to do everything within my power to put you in a position to make as much money from it as possible.

Let the Game Come to You!

Big T

Subscribe to keep reading - It's Free!

This content is free, but you must be subscribed to The Digital Asset Daily to continue reading.

Already a subscriber?Sign In.Not now