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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