Key Developments
An early Ethereum wallet known as thomasg.eth is steadily rebuilding his exposure, according to Arkham Intelligence data.
Arkham data shows that, over the past week, thomasg.eth built a roughly $19.5 million Ether (ETH) position across Arkham-tracked wallets in spot, wrapped ETH (WETH), and Aave-deposited ETH, capped by a fresh $3 million purchase on March 20.
Arkham said the wallet held around $537 million in crypto assets at the 2021 market peak, and has started accumulating again as ETH trades around 56% below its all-time high of $4,946 on Aug. 24, 2025, according to CoinGecko.
Market Context
The purchases came as US spot Ether exchange-traded funds posted a third straight trading day of net outflows. Data compiled by Farside Investors shows the funds recorded $55.7 million in net outflows on March 18, $136.4 million on March 19 and $42 million on March 20.
Separately, Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, which holds around 4.6 million ETH, is also doubling down on its conviction. Lee argued this week that the ETH bottom is in, citing analysis from Tom DeMark.
DeMark’s work flags Ethereum’s recent price action as showing a 93% correlation with the Standard & Poor’s (S&P) 500’s recovery after the 1987 crash and 2011 bottom, implying that ETH either bottomed around March 7 or is in the process of bottoming now.
What To Watch
Lee also pointed to ETH’s realized price (the onchain average purchase price), currently around $2,241, noting that ETH was trading at a similar discount to that level as at prior major lows in 2022 and 2025.
Over the past decade, he said, ETH has returned roughly 49,000%, far outpacing Bitcoin’s 11,000% and even Nvidia’s parabolic run, arguing that ETH has been a “great store of value” despite brutal drawdowns.
Lee said Bitmine had accelerated purchases in recent weeks because its base case is that Ether is in the final stages of a “mini-crypto winter.”
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