A significant Ethereum accumulation linked to an entity with ties to Bhutan’s national investment framework has drawn sharp attention across the crypto space. On-chain analytics reveal a sophisticated series of transactions around January 20, indicating a well-planned capital deployment strategy.
Strategic On-Chain Moves Uncovered
The address initiated its activity by withdrawing 42,000 ETH and $54 million in USDT from a major exchange. It then converted the stablecoins into additional ETH via decentralized markets and deposited the holdings into a leading lending protocol as collateral.
Leverage Amplifies Exposure
- Borrowed 275 million USDT against the collateral
- Deployed all borrowed funds to acquire more ETH
- Resulting in a consolidated long position of approximately 117,000 ETH
- Current value estimated at nearly $459 million
This maneuver reflects advanced institutional-grade leveraging, signaling strong conviction in Ethereum’s long-term trajectory. Notably, the entire operation was conducted transparently on-chain, without reliance on opaque financial tools. As Ethereum's ecosystem evolves, such strategic moves by state-aligned capital could influence broader market dynamics.