Bhutan's sovereign wealth fund, Druk Holdings, saw its loan health ratio on Aave briefly fall below 1.2 as Ethereum's price dipped below $2,800 on January 26. The ratio has since recovered to 1.22. The fund's main wallet holds 104,000 stETH and has a loan of 200 million USDT. From January 19 to 20, the fund took leveraged long positions in Ethereum, resulting in a floating loss of about 10% on their 116,560 stETH holdings. All stETH is deposited in Aave, with the main wallet managing the majority of these assets.