DBS Transfers 3 Million USDC to Galaxy Digital, Could Signal Further Ethereum Accumulation

DBS Transfer Sparks Market Speculation

On February 4, data from The Data Nerd revealed that Singapore’s DBS Bank had transferred 3 million USDC to crypto financial services firm Galaxy Digital, sparking speculation about its next move in the digital asset space.

Significant ETH Accumulation Seen

Notably, prior to this transaction, DBS had acquired over 24,898 Ether (ETH) in the preceding week, indicating a strong institutional interest in Ethereum.

Potential for Further ETH Purchases

While the exact use of the USDC transfer is unclear, analysts suggest it may pave the way for DBS to purchase more ETH, continuing its strategic accumulation of digital assets.

• DBS has been actively expanding its crypto exposure.
• Ethereum continues to gain traction among institutional investors.
• This transfer could signal a broader long-term digital asset strategy.