Who Is Buying and How Large Is the Position?
An early Ethereum wallet known as thomasg.eth has resumed accumulation, building a position worth roughly $19.5 million over the past week, according to data from Arkham Intelligence. The purchases span spot Ether, wrapped ETH (WETH), and ETH deployed into Aave, with the latest transaction adding around $3 million on March 20.
Arkham data shows the wallet was once among the larger holders in the market, with total crypto assets reaching about $537 million at the 2021 peak. The renewed buying comes with Ether trading well below prior highs, offering a different entry point compared with the wallet’s earlier cycle exposure.
At current levels near $2,154, ETH is down about 56% from its all-time high of $4,946 reached on Aug. 24, 2025, according to CoinGecko data. The scale and timing of the accumulation suggest the wallet is re-entering the market during a period of weaker sentiment rather than chasing momentum.
Investor Takeaway
Why Does This Matter While ETF Flows Are Negative?
The buying activity stands in contrast to recent flows in US spot Ether exchange-traded funds, which have recorded consecutive days of net outflows. Data compiled by Farside Investors shows funds saw $55.7 million in net outflows on March 18, followed by $136.4 million on March 19 and another $42 million on March 20.
This divergence highlights a split in market behavior. Institutional flows through ETFs have been reducing exposure, while at least some onchain participants are adding to positions. That gap often reflects differences in time horizon, liquidity needs, and portfolio construction rather than a clear directional consensus.
ETF flows tend to react quickly to macro conditions and short-term performance, while onchain accumulation by long-standing holders can reflect a slower, conviction-driven approach. The coexistence of both trends suggests that Ethereum’s current range is still being contested by different segments of the market.
Is the Market Near a Bottom?
Separately, Bitmine Immersion Technologies chairman Tom Lee has argued that Ether may be near a bottom, citing technical analysis from Tom DeMark. According to Lee, Ethereum’s recent price action shows a 93% correlation with historical recovery patterns in the S&P 500 following the 1987 crash and the 2011 market bottom.
Based on that framework, Ether may have bottomed around early March or could still be in the final phase of forming one. Lee also pointed to Ethereum’s realized price, currently near $2,241, noting that ETH has traded at comparable discounts to this level during previous market lows in 2022 and 2025.
The realized price is often used as a reference point for aggregate cost basis across the network. When spot prices move below that level, it can indicate that a large portion of holders are sitting on unrealized losses, a condition that has historically aligned with late-stage downturns.
Investor Takeaway
What Is Driving Conviction Among Large Holders?
Lee said Bitmine has increased its Ether purchases in recent weeks, citing a base case that the market is nearing the end of a “mini-crypto winter.” He also pointed to Ethereum’s long-term performance, noting that the asset has delivered returns of roughly 49,000% over the past decade, compared with about 11,000% for Bitcoin.
Despite repeated drawdowns, Ethereum has retained a core group of long-term holders who view it as a durable store of value within the digital asset ecosystem. That perspective is often reinforced during periods of weakness, when price declines are seen as entry opportunities rather than exit signals.
The re-entry of early wallets like thomasg.eth, combined with continued accumulation by institutional crypto treasuries, indicates that some participants are positioning for recovery even as broader flows remain cautious. Whether that conviction translates into a sustained trend will depend on how demand develops across both onchain and traditional market channels.
