Ethereum OG Whale Rebuilds $19.5M ETH Stack Amid ETF Bleed
An early Ethereum wallet known as thomasg.eth is steadily building exposure, according to data from Arkham Intelligence.
According to Arkham data, last week, thomasg.eth held approximately $19.5 million worth of Ether (ETH) space on Arkham-monitored wallets in place, Armored ETH (WETH) and Aave-Deposited ETH, covered by a new $3 million purchase on March 20.
Arkham's wallet was pegged at around $537 million at the market peak in 2021, and ETH is starting to rally again as it trades 56% below its peak of $4,946 on August 24, 2025, according to CoinGecko.
The purchases came as US spot Ether exchange-traded funds posted their third straight trading day of net outflows. According to data compiled by Farside Investors, net inflows were $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20.
Bitmine's Tom Lee calls ETH down.
Separately, Bitmine Immersion Technologies, led by Fundstrat founder Tom Lee, which holds around 4.6 million ETH, is doubling down on its conviction. Lee cited analysis from Tom Demark this week and argued that ETH has bottomed out.
Demark's work shows Ethereum's recent price action, showing a recovery from the S&P 500 after the 1987 crash and a 93% correlation below 2011, indicating that ETH has bottomed or is in the process of going down around March 7.
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Lee also pointed out that ETH's guaranteed price (onchain average purchase price) is currently around $2,241, suggesting that ETH is trading at a similar discount to its 2022 and 2025 highs and lows.
Over the past decade, ETH has returned about 49,000%, outpacing Bitcoin's 11,000% and far surpassing Nvidia's parabolic run, arguing that ETH is a “great store of value,” albeit a brutal one.
Lee Bitmin has accelerated purchases in recent weeks because the main issue is that Ether is in the final stages of the “mini-crypto winter”.
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