Early Ethereum whale scoops $19.5M in ETH as Tom Lee signals a bottom

An early Ethereum participant known as thomasg.eth accumulated about $19.5 million in Ether over the past week, according to Arkham Intelligence. The position spans several wallets and instruments, including spot ETH, wrapped ETH and ETH deposited into Aave, and was capped by roughly $3 million purchased on March 20. Wallets linked to the address were valued at nearly $537 million at the 2021 market peak, and the address has resumed buying with ETH trading about 56% below its all-time high of $4,946 on Aug. 24, 2025, based on CoinGecko.

U.S. spot Ether exchange-traded funds recorded three straight sessions of net outflows this week. Net withdrawals totaled $55.7 million on March 18, $136.4 million on March 19 and $42 million on March 20, per Farside Investors.

Separately, Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, holds about 4.6 million ETH and has increased purchases in recent weeks, according to Lee. His base case is that Ether is in the final stages of a “mini-crypto winter.” Earlier this month, the Ethereum Foundation sold 5,000 ETH to BitMine in a $10.2 million OTC deal.

Lee argues Ethereum has likely bottomed. He points to analysis from market technician Tom DeMark that shows a 93% correlation between ETH’s recent pattern and the S&P 500’s rebounds after the 1987 crash and the 2011 low, implying a bottom around March 7 or in progress now. He also highlights Ethereum’s realized price – the on-chain average purchase price – at roughly $2,241, noting ETH is trading at a discount similar to levels around major lows in 2022 and 2025.

Over the past decade, by Lee’s count, ETH has returned roughly 49,000%, compared with about 11,000% for Bitcoin over the same period. Despite sharp drawdowns, he characterizes ETH as a “great store of value” over the long term.