Addresses reportedly tied to Bhutan’s sovereign wealth fund undertook large-scale ETH purchases via Aave, using substantial USDT loans to amplify holdings.
Addresses linked to Bhutan’s sovereign wealth fund, Druk Holdings, were reported holding a leveraged long position of approximately 117,000 ETH worth $459 million. On January 20, transactions included withdrawals of 42,000 ETH and $54 million USDT from Binance, conversions of USDT into ETH, deposits into Aave, and borrowing of $275 million USDT to buy additional ETH.