Ethereum OG Rebuilds $19.5M Stake Amid ETF Outflows
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)…
An early Ethereum address, known on-chain as thomasg.eth, has been quietly rebuilding its ETH exposure, according to Arkham Intelligence. Over the past week the wallet accumulated roughly $19.5 million worth of Ether across spot holdings, wrapped ETH (WETH) and ETH deposited on Aave, capped by a roughly $3 million purchase on March 20.
Arkham’s data note the same address held about $537 million in crypto at the 2021 market peak. The purchases come as Ether trades about 56% below its all-time high of $4,946 on Aug. 24, 2025, per CoinGecko, and while US spot ETH exchange-traded funds have seen consecutive days of net redemptions.
Farside Investors’ compilation shows ETF outflows of $55.7 million on March 18, $136.4 million on March 19 and $42 million on March 20, marking a three-day streak of net withdrawals that coincided with the wallet’s rebuilding activity.
Separately, Bitmine Immersion Technologies — chaired by Fundstrat founder Tom Lee and reported to hold roughly 4.6 million ETH — has also been increasing its purchases. Lee cited Tom DeMark’s analysis, which found a 93% correlation between Ethereum’s recent price action and the S&P 500’s recoveries following the 1987 crash and the 2011 low. That comparison, he said, suggests ETH either reached a bottom around March 7 or is in the process of bottoming now.
Lee also referenced Ethereum’s realized price, near $2,241, and noted current market levels show a similar discount to realized price as previous major lows. He highlighted Ethereum’s long-term performance — roughly 49,000% over the last decade versus Bitcoin’s roughly 11,000% — to argue ETH remains a compelling long-term store of value despite recent drawdowns. Bitmine says it has accelerated purchases in recent weeks under the base case that Ether is in the final stages of a “mini-crypto winter.”
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