Ethereum (ETH) has shown some stability, trading at $2,100, up nearly 1% over 24 hours and 4% over the past week, even as institutional outflows persist.
Key points:
Onchain Accumulation:
- A prominent Ethereum wallet, thomasg.eth, has added roughly $19.5 million in ETH over the past week, including $3 million on March 20.
- This wallet previously held about $537 million in crypto at the 2021 peak.
- Purchases include spot ETH, wrapped ETH, and ETH deposited on Aave, signaling confidence from a long-term holder.
- ETH remains about 56% below its all-time high of $4,946 (Aug 24, 2025).
ETF Outflows:
- US spot Ether ETFs saw continued withdrawals:
- $55.7M on March 18
- $136.4M on March 19
- $42M on March 20
- This shows a divergence: onchain accumulation rising while institutional fund flows shrink.
Market Commentary:
- Tom Lee (Fundstrat) suggests ETH may have already bottomed, pointing to historical recovery correlations with the S&P 500 after 1987 and 2011 market lows.
- He notes Ethereum’s realized price of $2,241, indicating ETH is trading at a discount similar to past market bottoms.
Bottom Line:
Despite continued ETF outflows, large onchain buyers are accumulating ETH, hinting that some investors see the current $2,100 level as a buying opportunity and a potential market bottom.
Ethereum’s next moves will likely depend on whether institutional flows stabilize or continue to pressure prices, even as long-term holders keep accumulating.
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