The latest on-chain data shows that a major 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 $538 million in crypto in 2022
According to data from Arkham Intelligence, an Ethereum OG whale known as thomasg.eth has gone on an Ether buying spree (valued at around $19.5 million) over the past week. The entity acquired Spot Ether, Wrapped ETH (WETH), and Aave-deposited ETH on wallet addresses tracked by Arkham, with the latest purchase worth $3 million taking place on Friday, March 20.
Arkham revealed in his article in
HE HOLDS $500M IN CRYPTO – NOW HE’S BUYING BACK
Ethereum OG @thomasg_eth held $538 million in ETH, WBTC, and DAI at the market peak in 2021. Now he’s buying back. He just bought $3 million worth of ETH, and he bought a total of $19.5 million this week.
Ethereum OGs are stacking up $ETH. pic.twitter.com/ttWQGweY7m
-Arkham (@arkham) March 21, 2026
Typically, strategic moves like that of thomasg.eth often send shockwaves through the crypto community, given the holder’s whale status. Nonetheless, this acquisition appears to be a roadmap from the “buy the dips” playbook, with Ethereum price currently down over 56% from its all-time high of $4,964.
At the time of writing, the ETH price stands at around $2,153, reflecting no significant movement over the past day. The price action of the second-largest cryptocurrency appears to have improved over the past month, following a dreadful performance in February, which dropped to around $1,800.
Ethereum Enters Historic Buy Zone – What Next?
Interestingly, popular crypto analyst Ali Martinez has put forward a bullish prognosis for the price of ETH in the coming weeks. This optimistic outlook is based on the MVRV ratio, which compares the coin’s market value to its realized value.
As Martinez pointed out, Ethereum price saw historic rallies after the MVRV ratio fell to 0.8 or below. Most recently, the price of ETH surged 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 loss, measuring how undervalued the asset is currently.
According to the crypto analyst, ETH MVRV fell towards this threshold earlier this month, implying that a buying window has opened for the altcoin. This suggests that Ethereum price could be on the verge of returning to its old high.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image by DALL-E, chart by TradingView
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