Ethereum’s price Bottom Could Be In, Says Tom Lee – Here’s Why

Ethereum (ETH) traded at $2,100 at the time of writing, up almost 1% over 24 hours and 4% over the past seven days. The move comes as onchain data shows fresh accumulation by a long-term Ethereum holder, even as US spot Ether ETFs continue to record outflows.

Arkham Intelligence data shows that an early Ethereum wallet known as thomasg.eth has been rebuilding exposure over the past week. The wallet added about $19.5 million in Ether across spot ETH, wrapped ETH, and Aave-deposited ETH, including a fresh $3 million purchase on March 20.

Arkham said the same wallet held about $537 million in crypto assets at the 2021 market peak. Its recent buying comes with ETH still trading about 56% below its all-time high of $4,946 recorded on Aug. 24, 2025 (per CoinGecko’s data).

ETF outflows continue for third day

The wallet buying came during another weak stretch for US spot Ether exchange-traded funds. Data from SoSoValue showed the funds posted net outflows of $55.7 million on March 18, $136.4 million on March 19, and $42 million on March 20.

That pattern shows that institutional fund flows and onchain accumulation are not moving in the same direction right now. While one large holder has been adding ETH, listed investment products have continued to lose assets over several sessions.

Tom Lee says ETH may be near a bottom

Bitmine Immersion Technologies, chaired by Fundstrat founder Tom Lee, has also increased its Ether exposure. The company now holds about 4.6 million ETH and recently accelerated purchases, according to the report.

Lee said the ETH bottom may already be in. He cited analysis from Tom DeMark, saying Ethereum’s recent setup shows a 93% correlation with the S&P 500’s recovery after the 1987 crash and the 2011 bottom. Lee also pointed to Ethereum’s realized price near $2,241 and said ETH is trading at a similar discount to that level seen during past lows.