An early Ethereum investor known as thomasg.eth is accumulating ETH as its price trades significantly below its all-time high. The wallet has built a roughly $19.5 million position over the past week. This activity contrasts with recent net outflows from U.S. spot Ether ETFs. Separately, Bitmine Immersion Technologies, chaired by Tom Lee, has accelerated its Ethereum purchases, with Lee stating analysis suggests the asset’s price has bottomed.
An early Ethereum wallet known as thomasg.eth is rebuilding its exposure, having bought a fresh $3 million in ETH on March 20. Arkham Intelligence data shows this latest purchase capped a week-long accumulation of roughly $19.5 million across spot, wrapped, and deposited ETH.
The wallet held around $537 million in crypto assets at the 2021 market peak, according to Arkham. These purchases come as Ether trades approximately 56% below its all-time high of $4,946 from August 2025.
Concurrently, U.S. spot Ether exchange-traded funds recorded three consecutive days of net outflows. Data compiled by Farside Investors shows the funds saw outflows of $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20.
Separately, Bitmine Immersion Technologies, which holds around 4.6 million ETH, is reinforcing its conviction. Tom Lee, the firm’s chairman, argued this week that the ETH bottom is in, citing analysis from Tom DeMark.
DeMark’s work suggests Ethereum’s recent price action shows a 93% correlation with the S&P 500’s recovery after past crashes. This correlation implies ETH either bottomed around March 7 or is bottoming now.
Lee also pointed to ETH trading at a similar discount to its realized price as at prior major lows. He noted Ethereum has returned roughly 49,000% over the past decade, far outpacing Bitcoin and Nvidia.
Lee stated “ETH has been a ‘great store of value'” despite significant drawdowns. He said Bitmine accelerated purchases because its base case is that Ether is in the final stages of a “mini-crypto winter.”
