An early Ethereum wallet identified as thomasg.eth has been steadily rebuilding its exposure to the cryptocurrency, according to data from Arkham Intelligence. Over the past week, the wallet accumulated a position worth approximately $19.5 million in Ether across spot holdings, wrapped ETH, and Aave-deposited ETH. The accumulation was capped by a $3 million purchase on March 20. Arkham notes the wallet held around $537 million in crypto assets at the 2021 market peak.
The renewed buying comes as ETH trades roughly 56% below its all-time high of $4,946, recorded on August 24, 2025, according to CoinGecko. The wallet’s activity signals renewed confidence from a long-standing market participant at a time when broader sentiment remains cautious. The purchases span multiple wallet types tracked by Arkham, suggesting a deliberate and structured accumulation strategy.
The individual buying contrasts with recent outflows from institutional products. Data compiled by Farside Investors shows that US spot Ether exchange-traded funds recorded net outflows for three consecutive trading days, totaling $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20. The sustained outflows reflect ongoing uncertainty among institutional investors regarding Ethereum’s near-term price direction.
Separately, Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, is also increasing its Ethereum exposure. The company currently holds around 4.6 million ETH and has accelerated its purchases in recent weeks. Lee stated this week that he believes the ETH price bottom is already in, citing analysis from market technician Tom DeMark. Bitmine’s base case, according to Lee, is that Ether is in the final stages of a period he describes as a “mini-crypto winter.”
DeMark’s analysis identifies a 93% correlation between Ethereum’s recent price action and the S&P 500‘s recovery following the 1987 crash and the 2011 market bottom. This pattern implies that ETH either bottomed around March 7 or is currently in the process of forming a bottom. Lee has pointed to this technical framework as a key part of Bitmine’s investment rationale for accelerating purchases.
Lee also highlighted Ethereum’s realized price, which reflects the average onchain purchase price and currently stands at approximately $2,241. He noted that ETH is trading at a discount to that level comparable to discounts seen at major prior lows in 2022 and 2025. This metric, he argued, supports the view that the asset is approaching a historically significant entry point for long-term investors.
Looking at longer-term performance, Lee pointed out that over the past decade Ethereum has returned approximately 49,000%, surpassing Bitcoin‘s roughly 11,000% gain over the same period and outpacing even the strong run seen in shares of Nvidia. Despite significant drawdowns along the way, he characterized ETH as having served as a strong store of value over time. These arguments form the basis of Bitmine’s continued conviction in expanding its Ethereum treasury.
Originally reported by CoinTelegraph.
