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Large Ethereum holder resumes accumulation during market weakness
An early Ethereum wallet, thomasg.eth, has begun actively accumulating ETH. Over the past week, it built a position worth approximately $19.5 million.
The purchases were spread across spot ETH, WETH, and deposits into Aave, according to Arkham.
The latest transaction amounted to about $3 million and was executed on March 20. This address has previously shown significant market activity. At the peak in 2021, its portfolio was valued at around $537 million. Now the investor is returning to accumulation amid the decline in ETH price. The asset is currently trading about 56% below its all-time high of $4,946.
Accumulation occurs amid ETF outflows
Notably, the whale’s activity coincides with negative institutional flows. Spot Ethereum ETFs in the United States have recorded three consecutive days of net outflows. On March 18, funds lost about $55.7 million, on March 19 — $136.4 million, and on March 20 — another $42 million.
This signals a decline in short-term interest from large investors. However, the behavior of thomasg.eth reflects the opposite strategy. The investor is using the dip to gradually accumulate the asset. Such an approach is often observed among experienced market participants during periods of weakness. This creates a contrast between retail and institutional behavior.
Institutional players are also betting on ETH growth
Not only individual whales are increasing their exposure to Ethereum. Bitmine Immersion Technologies, associated with Tom Lee, holds approximately 4.6 million ETH and is also expanding its purchases. Lee stated that the ETH market has already formed a bottom or is in the final stage of doing so.
As an argument, he cited the Tom DeMark model. According to the analysis, ETH’s current dynamics are 93% similar to the recovery of the S&P 500 after the crises of 1987 and 2011. This strengthens confidence in an upcoming reversal. Additionally, ETH’s current price is close to its realized price of around $2,241. In previous cycles, such levels have coincided with local bottoms.
Long-term metrics support a bullish scenario
From a long-term perspective, Ethereum remains one of the strongest-performing assets. Over the past 10 years, ETH has delivered returns of around 49,000%, significantly outperforming Bitcoin with about 11,000%. Even Nvidia stock lags behind over the same period.
At the same time, the current correction is viewed as part of a cyclical movement. Lee describes it as a “mini crypto winter” that is nearing its end. Meanwhile, a divergence is forming between short-term flows and long-term accumulation. While ETFs are recording outflows, large players are increasing their positions. Such a market structure often precedes a recovery phase.
Recently we wrote that Ethereum is trading around $2,153 as of March 21, showing a recovery after the February decline. Previously, the price dropped below $2,000 but managed to quickly return above this key level.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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