Recently, there has been an interesting on-chain story. A wallet address related to Druk Holdings in Bhutan has been messing around with Ethereum, appearing to follow a typical leveraged long strategy.

Numbers tell the story: this address withdrew 42,000 ETH and $54 million USDT from a major exchange in one go. After the withdrawal, it didn’t sit idle; it converted all the USDT into ETH, then used these ETH as collateral to deposit into the Aave lending protocol. Next, it borrowed $275 million USDT to continue buying Ethereum.

As of now, this address’s total Ethereum holdings have expanded to 117,000 ETH, with a paper value of $459 million. The operational approach is clear—using limited own funds to leverage through a lending protocol, amplifying the purchasing power of each unit of capital. When ETH prices rise, returns are magnified; conversely, if prices fall, risks are also amplified.

It’s worth noting that such large on-chain position adjustments are often closely watched by market participants, as they may reflect institutional-level players’ views on Ethereum’s medium-term trend.