An early Ethereum whale rebuilds stack, identified as “thomasg.eth,” actively re-accumulating Ether (ETH) with approximately $19.5 million in purchases over the past week, including a $3 million acquisition on March 20, 2026. This significant move comes as Tom Lee, Chairman of BitMine Immersion Technologies, suggests that the “mini-crypto winter” for Ethereum is nearing its end, signaling potential bullish sentiment for the second-largest cryptocurrency.
Early Ethereum Whale Rebuilds Stack
According to Arkham Intelligence data, thomasg.eth’s recent ETH accumulation spans spot ETH, wrapped ETH (WETH), and Aave-deposited ETH. This wallet, which peaked at around $537 million in crypto assets in 2021, is now making strategic purchases while ETH trades approximately 56% below its all-time high of $4,946, recorded on August 24, 2025. This divergence between current market price and previous highs often signals a long-term accumulation strategy by sophisticated investors.
“The current buying spree by thomasg.eth occurs while ETH is trading approximately 56% below its all-time high of $4,946.”
Concurrently, US spot Ether exchange-traded funds (ETFs) have experienced net outflows for three consecutive trading days: $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20, 2026. This indicates a notable divergence between institutional fund flows, which show caution, and the aggressive on-chain accumulation by large individual holders like thomasg.eth, suggesting a potential bottoming process for the asset.
BitMine Immersion Technologies Increases Ethereum Exposure
Adding to the bullish sentiment, Tom Lee of BitMine Immersion Technologies, a firm holding around 4.6 million ETH, has also been significantly increasing its Ethereum exposure. BitMine purchased 60,976 Ethereum last week, marking its largest weekly acquisition in token terms for 2026. This brings its total holdings to a staggering 4,534,563 Ethereum, valued at approximately $9.14 billion at $2,015 per coin. This substantial institutional buying reinforces the conviction in Ethereum’s long-term potential.
Ethereum’s Price Action and Historical Parallels
Lee’s conviction stems from an analysis by Tom DeMark, which suggests a 93% correlation between Ethereum’s recent price action and the S&P 500’s recovery after the 1987 crash and 2011 bottom. This robust analysis implies that ETH either bottomed around March 7 or is currently in the process of bottoming, presenting a compelling entry point for investors. Lee also highlighted that ETH’s realized price is currently around $2,241, noting a similar discount to this level as seen during prior major lows in 2022 and 2025. He emphasized Ethereum’s impressive long-term performance, with roughly 49,000% returns over the past decade, significantly surpassing Bitcoin’s 11,000% and even Nvidia’s legendary run, underscoring its enduring value proposition.
The actions of an early Ethereum whale rebuilding stack, alongside institutional conviction from firms like BitMine, paint a picture of strategic accumulation despite short-term ETF outflows. This confluence of on-chain activity and expert analysis suggests a potentially strong period ahead for Ethereum as it emerges from what many believe to be its “mini-crypto winter.”
