On-chain analytics firm Arkham Intelligence has identified renewed accumulation activity from a prominent early Ethereum address, thomasg.eth, suggesting renewed conviction from a long-term holder as the second-largest cryptocurrency trades significantly below its all-time high.
Notable Accumulation by Early ETH Adopter
Data tracked by Arkham reveals that over the past week, the wallet thomasg.eth has methodically rebuilt a substantial Ether position. The accumulation, spread across spot ETH, wrapped Ether (WETH), and ETH deposited as collateral on the Aave lending protocol, totals approximately $19.5 million. This latest phase of buying was capped by a single purchase of around $3 million on March 20.
This activity marks a significant re-engagement for the wallet, which Arkham reports held crypto assets valued at roughly $537 million at the 2021 market peak. The current rebuilding strategy coincides with Ether trading approximately 56% below its historical high of $4,946, reached on August 24, 2021, according to data aggregator CoinGecko.
These purchases unfold against a backdrop of sustained capital outflows from the newly launched U.S. spot Ether exchange-traded funds (ETFs). Data from Farside Investors indicates net outflows of $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20, reflecting cautious institutional sentiment in the immediate term.
Fundstrat’s Tom Lee Assert ETH Bottom Is In
Separately, strong institutional conviction is being voiced by Tom Lee, co-founder of Fundstrat and chairman of Bitmine Immersion Technologies—a firm that holds approximately 4.6 million ETH in its treasury. Lee stated this week that he believes the bottom for Ether is already in place, basing his analysis on technical models from renowned analyst Tom DeMark.
DeMark’s sequential analysis highlights a striking 93% correlation between Ethereum’s recent price pattern and the recoveries witnessed in the S&P 500 following the severe 1987 crash and the 2011 bear market low. This historical analogy, Lee argued, implies that Ethereum either established its cyclical low around March 7 or is currently finalizing a bottoming process.
Related: Bitmine speeds pace of Ethereum buys, boosting treasury to 4.6M ETH
Lee also pointed to Ether’s realized price—the on-chain average acquisition cost for all moved coins—which currently sits near $2,241. He noted that the current market price represents a discount to this realized level comparable to those seen during previous major lows in 2022 and 2025, framing it as a key valuation support metric.
Highlighting long-term performance, Lee contrasted Ethereum’s decade-plus history with other major assets. He noted that Ethereum has appreciated by roughly 49,000% over the last ten years, substantially outpacing Bitcoin’s 11,000% gain and even the legendary rise of Nvidia stock. Despite severe drawdowns typical of crypto markets, Lee contended this track record establishes Ether as
