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On January 20th, on-chain monitoring data shows that addresses related to the Bhutan Sovereign Wealth Fund Druk Holdings are engaging in leveraged Ethereum operations. The address withdrew 42,000 ETH and $54 million USDT from a major exchange, then exchanged the USDT for ETH and transferred it to the lending protocol Aave. Subsequently, they borrowed $275 million USDT on the platform to purchase more Ethereum. Currently, this address has accumulated approximately 117,000 ETH, with a total value of about $459 million. This series of operations indicates that the Bhutan Sovereign Fund is increasing its Ethereum exposure using leverage strategies, reflecting an optimistic outlook from institutions on the current ETH price.