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Interesting data has surfaced. According to on-chain analysis, the address associated with the Bhutan Sovereign Wealth Fund Druk Holdings recently carried out a series of aggressive operations—withdrawn 42,000 ETH and 54 million USD worth of USDT from a major exchange.
After receiving these funds, the address first exchanged the USDT for ETH, then fully deposited them into Aave. The next move is even more critical: borrowed 275 million USD worth of USDT to continue purchasing ETH.
Currently, this position has reached 117,000 ETH, equivalent to approximately 459 million USD. This multi-position setup with significant leverage indicates a clear bullish outlook from institutions on Ethereum. It will be interesting to see if this position can hold steady.