Interesting discovery: The address related to Bhutan's sovereign wealth fund has been active recently. According to on-chain data tracking, this institution carried out a round of aggressive leverage operations in mid-January — first withdrawing 42,000 ETH and $54 million USDT from a major exchange, then converting the stablecoins into Ethereum and depositing into a lending protocol.

The key point is: they lent out $275 million USDT on the lending platform for continuous accumulation. This series of operations ultimately resulted in a massive position of approximately 117,000 ETH, with a market value close to $459 million.

From the scale of these actions, it clearly indicates a bullish outlook on ETH's medium-term trend. A sovereign wealth fund daring to deploy like this suggests that institutional recognition of Ethereum is rising. Of course, high leverage also means high risk; market volatility can catch anyone off guard.