The latest on-chain data shows that the prominent Ethereum whale returned to the crypto market last week, as the price of ETH persisted above the level of $ 2,000.
ETH Whale Grabs $538M In Crypto By 2022
According to data from Arkham Intelligence, the Ethereum OG whale known as thomasg.eth has been buying Ether (estimated at about $19.5 million) last week. The business acquired Ether, wrapped in ETH (WETH), and Aave-deposited ETH in all wallet addresses tracked in Arkham, with the latest purchase worth $3 million on Friday, March 20.
Arkham revealed in its post on X that the whale once held about $538 million in cryptocurrency assets, including Ethereum, WBTC, and DAI at the peak of the market in 2021. However, a large Ethereum investor had reduced their exposure to cryptocurrencies and reduced their portfolio to almost zero 202 in the middle.
HE ONCE HAD $500M IN CRYPTO – NOW BUYING AGAIN
Ethereum OG @thomasg_eth holds $538M in ETH, WBTC and DAI market cap in 2021. Now, he’s buying again. You just bought $3M of ETH, and bought a total of $19.5M this week.
The cost of Ethereum OG shares $ETH. pic.twitter.com/ttWQGweY7m
– Arkham (@arkham) March 21, 2026
Often, strategic moves like thomasg.eth’s tend to send shockwaves through the crypto community, considering the whale’s status. Still, this acquisition appears to be a slip out of the “buy the dip” playbook, with Ethereum’s price currently over 56% down from its all-time high of $4,964.
As of this writing, the price of ETH stands at around $2,153, showing no significant movement from the previous day. The price action of the second largest cryptocurrency appears to have improved over the past month, after February’s poor performance, which saw it fall to around $1,800.
Ethereum Enters Historic Market Place – What’s Next?
Interestingly, the famous crypto analyst Ali Martinez put forward a bullish prognosis for the price of ETH in the coming weeks. This prospect is based on the MVRV Ratio, which compares a coin’s market value to its realized value.
As highlighted by Martinez, the Ethereum price has seen historic rallies after the MVRV Average dropped to or below the 0.8 mark. Recently, the price of ETH increased by 250% after the metric dropped to this limit in April 2025.
The trend is based on the fact that a low MVRV value indicates that the majority of the market has lost, measuring how deeply the asset is currently undervalued.
According to a crypto analyst, ETH MVRV dropped towards this threshold earlier this month, which means that a window to buy the altcoin has opened. This suggests that the price of Ethereum may be on the way back to its previous high.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Image posted by DALL-E, chart from TradingView
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