An early Ethereum wallet known as thomasg.eth has been steadily rebuilding exposure, Arkham Intelligence data show. Over the past week the address assembled roughly $19.5 million in Ether across Arkham-tracked spot, wrapped ETH (WETH), and Aave-deposited ETH positions, capped by a fresh $3 million buy on March 20.
Arkham noted the wallet held about $537 million in crypto assets at the 2021 market peak and has resumed accumulation as ETH trades around 56% below its all-time high of $4,946 on Aug. 24, 2025, per CoinGecko.
The purchases coincided with US spot Ether exchange-traded funds recording a third straight day of net outflows. Farside Investors’ compiled data show outflows of $55.7 million 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 and holding roughly 4.6 million ETH — has also been reinforcing its conviction. Lee cited Tom DeMark’s analysis, which flags a 93% correlation between Ethereum’s recent price action and the S&P 500’s recoveries after the 1987 crash and the 2011 bottom, implying ETH either bottomed around March 7 or is in the process of bottoming now.
Lee pointed to ETH’s realized price, about $2,241, noting current trading levels show a similar discount to realized price as seen at prior major lows. He also highlighted Ethereum’s long-term returns — roughly 49,000% over the past decade versus Bitcoin’s ~11,000% — arguing ETH remains a strong store of value despite deep drawdowns. Bitmine has sped up purchases in recent weeks under the base case that Ether is in the final stages of a “mini-crypto winter.”
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