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Early Ethereum Whale Rebuilds Position with $19.5M ETH Purchases

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Crypto Breaking News

Ethereum wallet re-emerges as a notable buyer. According to Arkham Intelligence, the long-standing address thomasg.eth has been quietly rebuilding its ETH footprint, adding roughly $19.5 million of Ether across spot holdings, wrapped ETH, and Aave-deposited ETH over the past week, with a fresh $3 million purchase recorded on March 20. This activity marks a renewed willingness to accumulate at price levels well off the last all-time highs.

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

Bitcoin’s roughly 11,000% and even rival tech names such as Nvidia posting blistering returns. From Bitmine’s perspective, this strengthens the argument for ETH as a store of value and a foundational layer value proposition even amid drawdowns. That framing — long-term accumulation as a durable narrative — is precisely what makes the current period of buybacks and cautious capitalization noteworthy for investors who are evaluating risk across crypto assets and related equities.

Ethereum Foundation, elevating its holdings to about 4.6 million ETH. The firm has publicly framed these moves as part of a broader bet on a multi-year cycle that could see ETH re-rate higher if macro conditions improve and demand from both institutions and avid on-chain participants reasserts itself.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Crypto World

Ethereum Eyes 25% Rally as Top ETH Whales Return to ‘Profitable State’

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Ethereum Eyes 25% Rally as Top ETH Whales Return to 'Profitable State'

Ethereum’s native token, Ether (ETH), may rise by around 25% in the coming months as its richest whale group becomes profitable for the first time since early February.

Key takeaways:

  • ETH gained 25% in three months and 50% in six months on average after top whales returned to profit in past cycles.

  • Ether could rally above $2,750 by June if the on-chain whale metric signal plays out.

Whale metric signals ETH is bottoming already

The unrealized profit ratio of wallets holding more than 100,000 ETH has flipped back above zero, according to data resource CryptoQuant. In other words, this whale cohort is no longer sitting on aggregate paper losses.

ETH whales unrealized profit ratio (100K+). Source: CryptoQuant

In the past, similar transitions to a “profitable state marked the starting point of an uptrend,” said on-chain analyst CW.

ETH delivered nearly 25% returns on average three months after the whale ratio flipped to positive. Similarly, its price gained roughly 50% after six months and 300% after a year into the signal.

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The price behavior suggests that once top ETH whales return to aggregate profit, they face less pressure to sell defensively. At the same time, the shift can strengthen broader market confidence by signaling renewed conviction among the richest ETH holders.

ETH may head toward the $2,750 area by June and to over $3,200 by September if the historical post-signal pattern holds.

Related: Early Ethereum whale rebuilds stack with $19.5M in ETH buys

Still, the whale ratio metric is not flawless. In 2018, for instance, ETH dropped 17.5% in the month after a similar flip and eventually tumbled nearly 70%.

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Onchain data caps Ether’s upside at $2,640

Another on-chain signal is reinforcing Ethereum’s recovery case.

Glassnode data shows ETH rebounding from its lowest MVRV deviation band (blue), a setup similar to Q2 2022 and Q2 2025, when price recovered from undervalued levels and climbed back above realized price.

ETH MVRV extreme deviation pricing bands. Source: Glassnode

At current rates, ETH remains below its realized price (purple) at $2,353, which remains the first key recovery level. A break above that threshold could open the door toward the -0.5 sigma band (teal) near $2,640.

On the downside, failure to reclaim realized price could keep ETH exposed to a retest of the lowest deviation band near $1,651.

Ethereum’s technicals reiterate rally above $2,600

From a technical perspective, ETH has broken above its ascending triangle pattern and is now pulling back toward the former resistance trendline.

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Such retests are common after breakouts, as markets often revisit the breakout level to confirm it has flipped into new support.

ETH/USD daily chart. Source: TradingView

Ether could resume its recovery toward the triangle’s measured upside target at around $2,625 or higher if the upper trendline holds as support.

That level also sits within the broader on-chain recovery range outlined by Glassnode’s MVRV bands, adding confluence to the bullish setup.

A failed retest, on the other hand, would weaken the breakout structure and risk sending ETH back toward the lower support zone near $1,950-$2,000.