The latest on-chain data shows that prominent Ethereum whales have returned to the crypto market over the past week as ETH prices hover above the $2,000 level.
ETH whale will hold $538 million in cryptocurrencies in 2022
According to data from Arkham Intelligence, an Ethereum OG whale known as thomasg.eth has been buying up Ether (worth about $19.5 million) over the past week. The company acquired Spot Ether, Wrapped ETH (WETH), and ETH deposited in Aave across wallet addresses tracked by Arcam, with the most recent purchase worth $3 million on Friday, March 20th.
In a post on X, Arkham revealed that at the market peak in 2021, Whale once held approximately $538 million in cryptocurrency assets, including Ethereum, Wrapped Bitcoin (WBTC), and DAI. However, large Ethereum investors reduced their exposure to the cryptocurrency, shrinking their portfolios to almost nothing by mid-2022.
He once held $500 million in cryptocurrencies, now he’s buying them back
Ethereum and @thomasg_eth He held $538 million in ETH, WBTC, and DAI at the top of the market in 2021. Now he’s buying back. He just bought $3 million in ETH, bringing his total purchases this week to $19.5 million.
Ethereum OG is stacking $ETH. pic.twitter.com/ttWQGweY7m
— Arkham (@arkham) March 21, 2026
Typically, strategic moves like thomasg.eth often shock the cryptocurrency community considering the whale status of its holders. Nevertheless, the acquisition appears to be out of the “buy on the buy” strategy, as Ethereum’s price is currently down more than 56% from its all-time high of $4,964.
As of this writing, the price of ETH is around $2,153, with no significant movement over the past day. The second-largest cryptocurrency’s price action appears to have improved last month after a dismal performance in February, when it fell to around $1,800.
Ethereum enters historic buy zone—what’s next?
Interestingly, popular crypto analyst Ali Martinez has a bullish outlook for ETH price in the coming weeks. This optimistic outlook is based on the MVRV ratio, which compares a coin’s market value to its realized value.
As highlighted by Martinez, Ethereum price witnessed a historic rise after the MVRV ratio fell below the 0.8 mark. Most recently, in April 2025, the price of ETH fell to this threshold and then skyrocketed by 250%.
This trend is based on the fact that a low MVRV value indicates that a large portion of the market is in losses, indicating how undervalued the asset is currently.
According to the crypto analyst, ETH MVRV fell towards this threshold earlier this month, suggesting a buying window has opened for the altcoin. This suggests that the price of Ethereum may be returning to its previous highs.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image by DALL-E, chart from TradingView
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