2026-01-20 00:18:04

On-chain data monitoring shows that a suspicious address, potentially related to the government of Bhutan, has recently been aggressively long on ETH. This address withdrew 42,000 ETH and 54 million USDT from a major exchange in a single transaction. After converting all USDT into ETH, it deposited the ETH into the Aave protocol. The next critical move was to leverage the position—borrowing approximately 275 million USDT from Aave to continue buying ETH.

So far, this address has accumulated about 117,000 ETH. Given the scale, whether as government reserves or institutional positioning, this amount is enough to influence market liquidity. The large-scale borrowing and leveraging strategy indicates that the holder is optimistic about ETH's medium-term prospects. At the same time, such operations also reflect an increasing activity in the on-chain lending market.

ETH-3,45%

AAVE-2,09%

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BlockImposter

· 11h ago

Is the Bhutan government really starting to play with leverage? They must be really bold. Wow, 117,000 ETH directly invested—how confident they must be. Playing with leverage like this is a bit aggressive, borrowing $275 million to keep buying... gambler's mentality? Government funds entering the market is different; liquidity has been absorbed. If this operation results in a liquidation, what are the consequences? That's really wild. Honestly, I’m tempted to follow suit, but this level of risk leverage is really excessive. On-chain lending activity is skyrocketing; it looks like big players are starting to go all-in.

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DeFiChef

· 11h ago

The Bhutan government's move is really aggressive, leveraging to buy 117,000 ETH... Is this a genuine bullish signal or is there another deeper meaning? --- Wow, a borrowing limit of 275 million USDT, on-chain lending markets are really becoming active. --- Government-backed funds entering the market with leverage, liquidity is about to be stirred up, this pace is quite fierce. --- Storing Aave to borrow USDT and continue eating ETH, this combo is truly a textbook-level leveraged play. --- 117,000 ETH... How long does one have to be optimistic to dare to play like this? Mid-term or long-term? --- Bhutan's move has directly boosted on-chain lending activity, truly a mackerel effect. --- Such a large position with leverage... not afraid of black swans, or is it really so confident that ETH will rise? --- A one-time 42,000 ETH + 54 million USDT, this scale is enough to influence the market, and the key is leverage. --- With such transparent on-chain data, government-level operations can't be hidden; DeFi is just like that.

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Layer2Arbitrageur

· 11h ago

ngl the leverage play here is mathematically aggressive... 11.7k ETH at that borrow rate? let me run the liquidation scenarios real quick. if ETH tanks even 15% they're getting rekt hard, unless Bhutan's got diamond hands we haven't seen before lol

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RuntimeError

· 12h ago

Bhutan's move is just too outrageous, going straight for leverage? 117,000 ETH, just crush it if you want --- This operation really stunned me, is government-level money playing like this? --- Borrowing 275 million to continue adding positions... Do they really see us as pawns? --- Wait, does Bhutan still play this game? Turns out all the global governments are starting to go all-in --- On-chain lending is heating up, this is the real signal --- I just want to know when this guy will close his position, and how low ETH will drop by then --- Government money entering the market = confirming the top? Or confirming the bottom? I’m starting to understand less and less

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EyeOfTheTokenStorm

· 12h ago

Is the Bhutan government directly leveraging to go long? That's a bit aggressive. 117,000 ETH clearly indicates confidence in the medium-term trend. Historically, such large-scale borrowing patterns usually occur during the bottoming phase... Just a risk reminder, leverage is a double-edged sword.

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SchroedingerGas

· 12h ago

The Bhutan government is buying so much ETH? Laughing to death, ETH is really about to take off now --- 117,000 ETH... This leverage is incredible, borrowing 275 million USDT to add to the position, not afraid of liquidation? --- Wait, a government-level institution doing this must be seriously optimistic about ETH's medium-term trend. I need to follow up. --- The active lending on Aave is increasing, indicating that big players are leveraging up. This signal is quite interesting. --- The Bhutan government is also trading cryptocurrencies? The on-chain world really has everything. The Dutch are shocked. --- Withdrawing 42,000 ETH in one go, how strong must the liquidity of the exchange be? --- This operation is too risky. If the market moves in the opposite direction and causes a liquidation, the government's money will be wasted. --- No wonder ETH liquidity has been a bit tight recently; it turns out big players are stockpiling.

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