An early Ethereum wallet known as thomasg.eth has been steadily rebuilding its exposure, according to data from Arkham Intelligence.
Arkham data can be seen that over the last week, thomasg.eth has built an approximately $19.5 million ETH (ETH) position in Arkham-tracked wallets in spot trades, wrapped ETH (WETH) and deposited into Aave ETH, with a $3 million fresh purchase cap on March 20.
Arkham said that at the market peak in 2021, the portfolio held approximately $537 million worth of crypto assets and has begun to accumulate again as ETH is trading approximately 56% below its all-time high of $4,946 on August 24, 2025. According to this CoinGecko.
The purchases came after U.S. Ether spot funds reported a third straight day of net outflows. Data compiled prepared by Farside Investors shows that the funds recorded net outflows of $55.7 million on March 18, $136.4 million on March 19 and $42 million on March 20.
Bitmine’s Tom Lee calls ETH bottom
Separately, Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, is in attendance 4.6 million ETH is also doubling down on its belief. Lee argued this week that ETH has hit bottom, quote-unquote analysis by Tom DeMark.
DeMark’s work indicates that Ethereum’s recent price action shows a 93% correlation with the recovery of the Standard & Needy’s (S&P) 500 Index after the 1987 crash and the 2011 low, suggesting that ETH either bottomed around March 7 or is in the process of bottoming out today.
Related: Bitmine accelerates the pace of Ethereum purchases, increasing the value of the treasure to 4.6 million ETH
Lee also pointed to the realized ETH price (average purchase price on the network), currently around $2,241, noting that ETH was trading at a similar discount to this level as it was during the previous major lows in 2022 and 2025.
ETH has returned about 49,000% over the past decade, far outperforming Bitcoin’s 11,000% and even Nvidia’s parabolic rise, he said, arguing that ETH represents a “great store of value” despite brutal drawdowns.
Lee said Bitmine has accelerated purchases in recent weeks because its underlying assumption is that Ether is in the final stages of a “mini-crypto winter.”
Warehouse: Fusaka Ethereum Fork Explained for Dummies – What the Hell is PeerDAS?
