The crypto market is buzzing this week as prominent Ethereum whale thomasg.eth reenters the scene with a staggering $19.5 million purchase of Ethereum (ETH). This significant acquisition comes amid the ETH price remaining above the crucial $2,000 level, rekindling interest from both retail and institutional investors alike.
ETH Whale Held $538M In Crypto In 2022
Data compiled from blockchain analytics indicates that thomasg.eth has been actively accumulating Ether, wrapped ETH (WETH), and Aave-deposited ETH. This buying spree saw the latest purchase logged at approximately $3 million on Friday, March 20. Once a titan in the crypto world, the whale’s previous holdings amounted to a massive $538 million in cryptocurrencies, including Ethereum, Wrapped Bitcoin (WBTC), and DAI, at the market’s zenith in 2021.
However, by mid-2022, thomasg.eth drastically reduced their crypto exposure, ultimately downsizing their portfolio to near-zero levels. This return to buying ETH signals a strategic move likely aimed at taking advantage of the current market conditions.
HE ONCE HELD $500M IN CRYPTO – NOW HE’S BUYING BACK
Ethereum OG @thomasg_eth held $538M in ETH, WBTC and DAI at the top of the market in 2021. Now, he’s buying back. He just bought $3M of ETH, and he’s bought a total of $19.5M this week.
Ethereum OGs are stacking $ETH. pic.twitter.com/ttWQGweY7m
— Arkham (@arkham) March 21, 2026
Such large transactions from established holders like thomasg.eth often send ripples throughout the crypto community, especially as the ETH price is currently down over 56% from its all-time high of $4,964. The price of Ethereum as of now hovers around $2,153, with little fluctuation over the past day. However, it marks a recovery period from a rather dismal February that saw the price slump to around $1,800.
Ethereum Enters Historical Buy Zone — What Next?
Market analysts are closely watching the situation, with popular crypto theorist Ali Martinez presenting a bullish outlook for Ethereum as it enters what he describes as a historical buy zone. According to Martinez, analyses of the Market-Value-to-Realized-Value (MVRV) Ratio indicate positive price movements are likely in the weeks ahead.
Martinez notes that Ethereum has exhibited historical rallies after the MVRV Ratio dropped to or below the 0.8 mark. Notably, following a similar drop in April 2025, ETH experienced a remarkable 250% surge. A low MVRV signals that many investors are currently facing losses, indicating an attractive buying opportunity that could lead to price recovery toward previous highs.
According to his observations, the MVRV Ratio for Ethereum dipped toward this favorable threshold earlier this month, suggesting that the market might indeed be gearing up for a rebound.
