Ethereum may have found a floor, according to Fundstrat founder Tom Lee — and onchain data shows at least one veteran wallet is backing that view.
Price snapshot
- ETH was trading around $2,100 at the time of writing, up nearly 1% over 24 hours and about 4% for the week.
Onchain accumulation vs. ETF outflows
- Arkham Intelligence flagged a long-time Ethereum wallet known as thomasg.eth that has been rebuilding exposure over the past week. The wallet added roughly $19.5 million in Ether across spot ETH, wrapped ETH and ETH deposited on Aave, including a fresh $3 million buy on March 20. Arkham noted this same wallet held about $537 million in crypto at the 2021 market peak.
- That buying is taking place while ETH remains roughly 56% below its all-time high of $4,946 (CoinGecko), illustrating buyers are stepping in well below last cycle’s top.
- At the same time, SoSoValue data shows US spot Ether ETFs experienced sizable net outflows: $55.7 million on March 18, $136.4 million on March 19 and $42 million on March 20. The contrast highlights a divergence between onchain accumulation by large holders and institutional listed-product flows.
Bigger players increasing exposure
- Bitmine Immersion Technologies — chaired by Tom Lee — has also ramped up Ether holdings and now reportedly controls about 4.6 million ETH, with purchases accelerating recently.
Why Tom Lee thinks the bottom may be in
- Lee pointed to analysis from technical analyst Tom DeMark, saying Ethereum’s current setup shows a 93% correlation with the S&P 500’s recoveries after the 1987 crash and the 2011 bottom. Lee also referenced Ethereum’s realized price, currently near $2,241 — a metric that estimates the average price at which coins last moved — and argued ETH is trading at a comparable discount to realized price as it did at prior lows.
Takeaway
- Large onchain buyers and an aggressive institutional holder suggest conviction among some market participants, even as ETF flows remain negative. Whether that marks a lasting bottom will depend on how macro conditions and flows evolve.
Disclosure: This is not investment advice; the content is for educational purposes only.
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