There are rumors of some russian politician saying that Putin is considering buying Bitcoin reserves. I believe this has been happening for years now. While they FUD the are buying OTC bigly. Approving Futures was a way to manipulate the price downwards and keep the price down. Once they've shrunk the OTC market, they will pump it to ATH, and keep repeating the cycle as they accumulate. They understand they cannot kill Bitcoin, only become bigger players.
I agree with you,
BTC is become too big and important to simply ignore it, and since they did not to kill it in 10 years, now they use all possible methods to accumulate more. Due to the limited supply
BTC is not something like fiat or gold, and in next 10+ years it will be almost 99% mined, so it is better to act now, and they all know that.
Putin is very smart person, and because of sanctions imposed by the West he maybe see
BTC as one of the alternatives which can overcome sanctions. Besides that he also know that
BTC has great potential as store of value, so why not invest some money in this asset and profit in future.
However small players do not know how to play this game and to use this low price to accumulate more. States and governments are much smarter in this regard, they have unlimited fiat and OTC - but that's always the case, big fish always eat small at the end.