DBS reports that Bitcoin buy orders have quadrupled despite the recent cryptocurrency sell-off.

DBS Digital Exchange, the members-only brokerage arm of Singapore’s BDS bank, reported significant increases in the volume of crypto trades conducted by its clients in June, compared to April.

The platform, which debuted in December 2020, revealed that despite the massive price drop in the second quarter, buy volumes spiked to account for 90 percent of trading.

Volumes of Bitcoin and Ethereum surge

In June, Bitcoin (BTC/USD) buy orders quadrupled compared to April, while Ethereum (ETH/USD) buy volume increased by over 65%.

The digital asset exchange experienced an increase in more than just purchase orders for the two assets. There were also significant increases in the demand for crypto custody services, with BTC seeing a 30% increase and ETH a 3% increase.

In June, approximately 10% of the brokerage platform’s new customers were added.

Lionel Lim, the chief executive officer of DBS Digital Exchange, remarked in a statement that the virtual currency space is undergoing a “reset” of sorts. In light of the current market volatility, this suggests a shift away from yield trades for institutional clients.

“Investors are seeking safe havens to trade and store their digital assets in light of the ongoing market volatility,” he noted.

However, considering the increasing demand from institutions, DBS has yet to offer digital asset services to retail investors. The bank halted plans for a retail offering in April of this year, citing regulation as the primary obstacle. Whether this occurs in the near future, especially with the approval of the Monetary Authority of Singapore (MAS), is uncertain.