Headline: Tom Lee Says Ethereum’s Bottom May Be In as Large Wallets Buy and ETFs See Outflows
Ethereum traded around $2,100 at the time of writing, up roughly 1% over 24 hours and about 4% on the week — a modest rebound that comes amid divergent signals from on-chain activity and institutional flows.
On-chain tracker Arkham Intelligence flagged renewed accumulation by a long-term Ethereum holder known as thomasg.eth. Over the past week the wallet added roughly $19.5 million in ETH exposure across spot ETH, wrapped ETH and Aave deposits, including a fresh $3 million buy on March 20. Arkham notes the same wallet held about $537 million in crypto assets at the 2021 market peak.
That buying occurs while Ether remains far below its record high; CoinGecko data shows ETH is trading roughly 56% below its all-time high of $4,946 recorded on Aug. 24, 2025.
Meanwhile US spot Ether ETFs have been experiencing net outflows. SoSoValue reports the funds saw withdrawals of $55.7 million on March 18, $136.4 million on March 19 and $42 million on March 20. The data highlights a split between on-chain accumulation by large holders and capital leaving listed investment products.
Tom Lee — founder of Fundstrat and chair of Bitmine Immersion Technologies — has also stepped up ETH exposure. Bitmine now holds about 4.6 million ETH and reportedly accelerated purchases in recent sessions.
Lee told investors the Ethereum price bottom may already be in. He cited analysis by Tom DeMark suggesting Ethereum’s recent price setup has a 93% correlation with the S&P 500’s recovery patterns after the 1987 crash and the 2011 bottom. Lee also pointed to Ethereum’s realized price near $2,241 and said current trading levels show a similar discount to that realized-price benchmark as seen during prior lows.
What to watch next: continued on-chain accumulation by known long-term wallets, flows into or out of spot ETH ETFs, and whether institutional buyers maintain or expand positions. Volatility remains a key risk as market participants weigh macro signals and crypto-specific metrics.
Disclosure: This article is for informational and educational purposes only and does not constitute investment advice.
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