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Early Ethereum Whale Rebuilds Position with $19.5M ETH Purchases





Key takeaways



  • Arkham Intelligence traces a measurable rebuild of exposure by thomasg.eth, with about $19.5 million of ETH purchased across spot, WETH, and Aave deposits in the past week, capped by a $3 million buy on March 20.

  • ETH trades roughly 56% below its all-time peak, underscoring the ongoing price-discount backdrop that may entice long-term accretive buying by on-chain wallets.

  • US spot ETH exchange-traded funds have posted three consecutive days of net outflows, totaling tens of millions of dollars in the period cited by Farside Investors: $55.7 million (Mar 18), $136.4 million (Mar 19), and $42 million (Mar 20).

  • Bitmine Immersion Technologies, led by Fundstrat founder Tom Lee, continues to expand its ETH stake, now holding about 4.6 million ETH. Lee argues the ETH bottom is in, referencing Tom DeMark’s analysis.

  • DeMark's indicators highlight a strong 93% correlation between ETH price action and S&P 500 recoveries after major macro bottoms, a reading that Place ETH’s price bottom around March 7 or in the process of bottoming, though the takeaway remains probabilistic rather than definitive.


On-chain activity and the ETH exposure narrative




ETF flows, price backdrop, and what they signal






Bitmine’s conviction, DeMark signals, and the long arc of ETH










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