Addresses linked to Bhutan's sovereign fund hold estimated $459M ETH long position

Addresses associated with Druk Holdings, Bhutan's state-owned investment institution, are believed to be holding a long position in Ethereum (ETH), according to on-chain analyst Emmett Gallic. The analyst noted that an associated address withdrew 42,000 ETH and 54 million USDT from Binance. It then swapped the USDT for ETH and deposited the assets into the crypto lending protocol Aave. Subsequently, the address borrowed $275 million in USDT to purchase additional ETH. The addresses linked to Druk Holdings currently hold a long position of 117,000 ETH, valued at approximately $459 million.