Veteran Ethereum Investor Accumulates $19.5M in ETH During Market Downturn
Veteran Ethereum investor thomasg.eth has accumulated $19.5 million worth of ETH in recent days, while BitMine's Tom Lee declares the conclusion of the current "crypto winter."
A veteran Ethereum wallet identified as thomasg.eth has been progressively reconstructing his holdings, as indicated by data from Arkham Intelligence.
Data from Arkham reveals that thomasg.eth has accumulated approximately $19.5 million worth of Ether (ETH) over the last seven days through Arkham-monitored wallets, holding positions in spot ETH, wrapped ETH (WETH), and ETH deposited in Aave, with the latest $3 million acquisition occurring on March 20.
According to Arkham, this particular wallet contained approximately $537 million in cryptocurrency holdings during the 2021 bull market peak, and the wallet holder has resumed accumulation activities while ETH currently trades roughly 56% beneath its record high of $4,946 reached on Aug. 24, 2025, based on CoinGecko data.
These accumulation activities occurred during a period when US spot Ether exchange-traded funds experienced their third consecutive trading session of net capital outflows. Information gathered by Farside Investors indicates these funds saw $55.7 million in net withdrawals on March 18, followed by $136.4 million on March 19 and $42 million on March 20.
Bitmine's Tom Lee calls ETH bottom
In parallel developments, Bitmine Immersion Technologies, led by Fundstrat founder Tom Lee and currently holding approximately 4.6 million ETH, is reinforcing its bullish stance. Lee suggested this week that Ethereum has reached its price floor, referencing technical analysis conducted by Tom DeMark.
Analysis from DeMark identifies Ethereum's current price behavior as displaying a 93% correlation with the Standard & Poor's (S&P) 500's rebound following the 1987 market crash and the 2011 market bottom, suggesting that ETH either established its bottom around March 7 or is currently in the process of forming one.
Lee additionally referenced ETH's realized price (the blockchain-based average acquisition price), presently sitting at approximately $2,241, observing that ETH was trading at a comparable discount relative to that benchmark as it did during previous significant market lows in 2022 and 2025.
Throughout the last ten years, he noted, ETH has generated returns of approximately 49,000%, substantially surpassing Bitcoin's 11,000% gains and even exceeding Nvidia's remarkable growth trajectory, maintaining that ETH has proven to be a "great store of value" notwithstanding severe price corrections.
Lee indicated that Bitmine has intensified its purchasing activity in recent weeks based on the company's fundamental analysis suggesting that Ether is approaching the conclusion of a "mini-crypto winter."