An early Ethereum (ETH) wallet identified by Arkham Intelligence as thomasg.eth accumulated approximately $19.5 million in Ether over the past week - including a $3 million purchase on March 20 - as the asset trades roughly 56% below its August 2025 all-time high of $4,946.
The buying came against a backdrop of three consecutive days of net outflows from U.S. spot Ethereum ETFs totaling $234.1 million.
Arkham data shows the wallet held approximately $537 million in crypto assets at the 2021 market peak, spread across spot ETH, wrapped ETH (WETH), and Aave-deposited ETH.
Its current accumulation pattern at prices near $2,157 represents one of the more concrete on-chain signals of renewed long-term conviction in Ethereum from an identifiable early participant.
ETF Outflows Add Pressure
U.S. spot Ethereum ETFs recorded net outflows of $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20, per Farside Investors data - the third straight day of withdrawals.
The divergence between ETF redemptions and individual whale accumulation reflects split sentiment among different investor cohorts.
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Tom Lee's Bottom Call
Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee and currently holding approximately 4.6 million ETH, has publicly argued the ETH bottom is in or near.
Lee cited analysis from technical strategist Tom DeMark, who identified a 93% correlation between Ethereum's recent price action and the S&P 500's recovery trajectories after the 1987 crash and the 2011 bottom. Under that framework, ETH either bottomed around March 7 or is in the final stages of doing so now.
Lee also pointed to ETH's realized price - the on-chain average acquisition cost across all holders - currently around $2,241, noting that ETH was trading at a similar discount to realized price at prior major cycle lows in 2022 and 2025.
Over the past decade, Ethereum has returned approximately 49,000%, outpacing Bitcoin (BTC) roughly 11,000% over the same period and Nvidia's widely cited run, Lee said. Bitmine has accelerated purchases in recent weeks, with Lee describing the current environment as the final stages of a "mini-crypto winter."
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