Ethereum OG Whale Returns To Market With $19.5M ETH Buy — Details

bitcoinistPublished on 2026-03-22Last updated on 2026-03-22

Abstract

An Ethereum whale known as thomasg.eth has returned to the market, purchasing $19.5 million worth of ETH, WETH, and Aave-deposited ETH over the past week. This entity previously held $538 million in crypto assets at the 2021 market peak but had nearly exited all positions by mid-2022. The whale's recent buying activity is seen as a strategic "buy the dip" move, with ETH currently trading around $2,153—down over 56% from its all-time high. Analyst Ali Martinez suggests Ethereum may be entering a historical buy zone, as the MVRV Ratio recently dropped near 0.8—a level that preceded a 250% price surge in April 2025. This metric indicates the asset is deeply undervalued, potentially signaling a significant upward move.

The latest on-chain data shows that a prominent Ethereum whale has returned to the crypto market over the past week, as the ETH price persists above the $2,000 level.

ETH Whale Held $538M In Crypto In 2022

According to data from Arkham Intelligence, an Ethereum OG whale known as thomasg.eth has been on an Ether buying spree (valued at approximately $19.5 million) over the past week. The entity acquired spot Ether, wrapped ETH (WETH), and Aave-deposited ETH across Arkham-tracked wallet addresses, with the latest purchase worth $3 million on Friday, March 20.

Arkham revealed in its post in X that the whale once held around $538 million in cryptocurrency assets, including Ethereum, Wrapped Bitcoin (WBTC), and DAI at the peak of the market in 2021. However, the large-scale Ethereum investor had reduced their exposure to cryptocurrencies and downsized their portfolio to nearly zero by the middle of 2022.

Typically, strategic moves like thomasg.eth’s often send shockwaves through the crypto community, considering the holder’s whale status. Nevertheless, this acquisition seems like a sheet out of the “buy the dip” playbook, with the Ethereum price currently more than 56% down from its all-time high of $4,964.

As of this writing, the price of ETH stands at around $2,153, reflecting no significant movement in the past day. The price action of the second-largest cryptocurrency seems to have improved in the past month, after a dreadful February performance, which saw a fall to around $1,800.

Ethereum Enters Historical Buy Zone — What Next?

Interestingly, popular crypto analyst Ali Martinez has put forward a bullish prognosis for the ETH price over the coming weeks. This optimistic outlook is based on the MVRV Ratio, which compares the coin’s market value to its realized value.

As highlighted by Martinez, the Ethereum price has witnessed historical rallies after the MVRV Ratio dropped to or below the 0.8 mark. Most recently, the price of ETH surged by 250% after the metric fell to this threshold in April 2025.

The trend is based on the fact that a low MVRV value indicates that the majority of the market is in a loss, measuring how deeply undervalued the asset currently.

According to the crypto analyst, the ETH MVRV dropped toward this threshold earlier this month, implying that a buy window has opened for the altcoin. This suggests that the price of Ethereum could be on the way back to its former high.

The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView

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Related Questions

QWho is the Ethereum whale that recently returned to the market with a significant ETH purchase?

AThe Ethereum whale is known as thomasg.eth, an OG (Original Gangster) in the Ethereum community.

QHow much Ethereum did thomasg.eth purchase in the past week, and what forms of ETH did they acquire?

Athomasg.eth purchased a total of $19.5 million worth of Ethereum in the past week, acquiring spot Ether, wrapped ETH (WETH), and Aave-deposited ETH.

QWhat was the peak value of thomasg.eth's cryptocurrency portfolio in 2021, and what did it consist of?

AAt the peak of the market in 2021, thomasg.eth's portfolio was valued at approximately $538 million and consisted of Ethereum (ETH), Wrapped Bitcoin (WBTC), and DAI.

QAccording to analyst Ali Martinez, what on-chain metric suggests Ethereum is in a historical buy zone?

AAnalyst Ali Martinez identified the MVRV (Market Value to Realized Value) Ratio. When this ratio drops to or below 0.8, it indicates the asset is deeply undervalued and has historically been followed by significant price rallies.

QWhat was the price performance of ETH after its MVRV Ratio hit the 0.8 threshold in April 2025?

AAfter the MVRV Ratio fell to the 0.8 threshold in April 2025, the price of Ethereum surged by 250%.

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