Early Ethereum whale rebuilds stack with $19.5m in ETH purchases this week

An early Ethereum wallet identified as thomasg.eth is steadily reconstructing its exposure by purchasing $19.5 million in ETH during the past seven days, according to Arkham Intelligence tracking data.

The accumulation occurs as Ethereum trades 56% below its all-time high of $4,946 recorded in August 2025. 

Arkham reports that thomasg.eth held approximately $537 million in crypto assets during the 2021 market peak, suggesting the whale never completely exited during the bearish cycle of recent years and now deliberately adds exposure again.

Data reveals thomasg.eth constructed the $19.5 million position across multiple channels including spot Ethereum, wrapped Ethereum (WETH), and ETH deposited within the Aave protocol. A fresh $3 million purchase on March 20 reinforces the pattern of sustained accumulation. Wallet behavior contrasts sharply with massive outflows from spot Ether exchange-traded funds during the same period: ETFs recorded net outflows of $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20 according to Farside Investors data.

Divergence between whale accumulation and institutional fund departures signals conflicting views about where Ethereum sits in its price cycle. While retail investors and ETF flows withdraw capital, larger participants buy at substantial sizes. The open question remains whether thomasg.eth and other major accumulators possess superior information about imminent recovery or simply believe depressed prices represent generational opportunities.

Tom Lee of BitMine signals Ethereum bottom, citing technical analysis and realized pricing

Tom Lee, founder of Fundstrat and chairman of BitMine Immersion Technologies, argued Ethereum already reached its market bottom, citing analysis from Tom DeMark regarding historical correlations. DeMark's work flags recent Ethereum price action as showing 93% correlation with the S&P 500's recovery after the 1987 crash and 2011 bottom, implying Ethereum either bottomed around March 7 or is currently completing the bottom process.

Lee examined Ethereum's realized price, approximately $2,241 currently, representing the historical on-chain average purchase price. Ethereum now trades at discount similar to previous major lows experienced during 2022 and 2025. Analyzing historical returns, Lee highlights that Ethereum delivered 49,000% gains over the past decade, substantially outpacing Bitcoin's 11,000% and even exceeding Nvidia's parabolic run.

BitMine accelerates purchases in recent weeks because management believes Ether occupies the final stages of a "mini-crypto winter." Lee emphasizes that despite brutal drawdowns, Ethereum proved itself an exceptional store of value compared to alternatives. Institutional conviction supported by rigorous technical analysis helps explain why whales like thomasg.eth expand exposure while markets experience widespread withdrawals.