As Ethereum (ETH) hovers around 56% below its all-time high, an early adopter known as thomasg.eth is making a significant bet on the cryptocurrency’s future. According to data from Akham Intelligence, thomasg.eth has accumulated a $19.5 million ETH position over the past week, including a $3 million purchase on March 20.
Rebuilding the Stack
The wallet, which held around $537 million in crypto assets at the 2021 market peak, has started to accumulate ETH once again. This comes as the price of ETH remains significantly lower than its record high of $4,946, reached on August 24, 2025. The recent buying spree includes spot ETH, wrapped ETH (WETH), and Aave-deposited ETH, indicating a diversified approach to accumulating and leveraging the asset.
Market Sentiment and Institutional Views
Despite the bearish sentiment, some institutional players are showing renewed interest in ETH. Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, holds approximately 4.6 million ETH and has been accelerating its purchases. Lee argues that the ETH bottom is in, drawing parallels between Ethereum’s recent price action and the recovery of the S&P 500 after the 1987 crash and 2011 bottom.
Technical Indicators and Historical Performance
Lee points to ETH’s realized price, currently around $2,241, noting that ETH is trading at a similar discount to this level as it did during previous major lows in 2022 and 2025. Over the past decade, ETH has returned roughly 49,000%, far outpacing Bitcoin’s 11,000% and even Nvidia’s impressive gains. This performance underscores ETH’s potential as a store of value, despite the significant drawdowns.
Market Outflows and Institutional Impact
While retail and institutional investors are showing renewed interest, U.S. spot Ether exchange-traded funds (ETFs) have seen a third straight day of net outflows. Data from Farside Investors shows that these funds recorded $55.7 million in outflows on March 18, $136.4 million on March 19, and $42 million on March 20. This outflow trend contrasts with the buying activity of early whales like thomasg.eth and Bitmine, suggesting a divergence in sentiment between retail and institutional investors.
Looking Forward
The recent buying activity by early Ethereum whales and institutional players like Bitmine suggests a growing belief in ETH’s long-term potential. While the market remains volatile, the historical performance and technical indicators point to a possible bottoming out of the current downturn. As the crypto ecosystem continues to evolve, the actions of these seasoned investors could signal a pivotal moment for Ethereum and the broader cryptocurrency market.
About the Author
