The Ethereum network, which celebrated its sixth anniversary earlier this year, is on the verge of one of its most transformative upgrades—the London hard fork. At the heart of this upgrade is EIP-1559, a groundbreaking proposal that marks the first major overhaul of Ethereum’s economic model. While the community debates its implications, especially among miners, one thing is certain: Ethereum’s evolution continues at a rapid pace.
In this pivotal moment, we take a closer look at the original 8,893 genesis addresses created during Ethereum’s launch on July 30, 2015, when the network’s initial supply of over 72 million ETH was distributed. What has become of these early participants? How have their holdings changed over time? And what do their behaviors reveal about long-term crypto investment trends?
Through on-chain analysis, we uncover fascinating insights into how these foundational addresses have evolved—some holding strong, others liquidating early, and a few still deeply intertwined with Ethereum’s core development.
Genesis ETH Holdings: Down 96% in Supply, Up 40x in Value
Six years ago, Ethereum’s genesis block allocated 72 million ETH across thousands of addresses. Today, the combined balance of those original addresses holds approximately 3.09 million ETH—a staggering 96% reduction in total supply.
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However, when measured in USD value, the story flips entirely. At Ethereum’s early 2015 price of $2.83 per ETH**, the initial distribution was worth around **$200 million. Fast forward to today—with ETH trading near $2,500**—the remaining **3.09 million ETH** are valued at over **$7.7 billion, nearly 40 times their original worth.
Even more impressive, during Ethereum’s all-time high near $4,300**, the value of these holdings briefly surpassed **$13 billion, highlighting the extraordinary wealth creation enabled by long-term blockchain participation.
This dramatic shift underscores a core principle in cryptocurrency: while many early holders sold or transferred their assets, the real winners were those who weathered volatility and retained exposure to Ethereum’s growth.
Dormant Majority: 60% of Genesis Addresses Hold Less Than 0.01 ETH
A significant portion of genesis addresses show minimal activity today:
- 5,317 addresses (60%) hold less than 0.01 ETH
- 7,248 addresses (82%) hold less than 1 ETH
These low balances suggest that most original recipients have either moved their funds to new wallets, sold their holdings, or simply abandoned their early accounts. Given the lack of advanced wallet infrastructure in 2015, it’s likely many users transferred assets for security or usability reasons rather than exiting the ecosystem.
It's important to note that low balances don't necessarily mean disengagement. On-chain data cannot distinguish between someone who sold ETH versus someone who merely consolidated funds into cold storage or upgraded wallet systems.
Still, the concentration of value among a small fraction of addresses reveals a familiar pattern in crypto: a minority holds the majority of long-term gains.
The True HODLers: 8% Never Moved Their ETH
Among the 8,893 genesis addresses, approximately 723 (about 8%) have barely touched their original allocations. These ultra-long-term holders meet a strict criterion: their current balance differs by no more than ±0.01 ETH from their initial holdings—accounting for minor changes due to gas fees, contract interactions, or token airdrops.
Despite this tiny movement threshold, these dormant addresses collectively hold over 2 million ETH, representing 65% of all ETH still held in genesis wallets.
At current prices, that’s a staggering $5 billion in value**—a testament to the power of patience in digital asset investing. For context, if these users acquired ETH at under **$1, their gains exceed thousands of times their initial investment.
This group likely includes early developers, core contributors, and visionary investors who believed in Ethereum’s potential long before DeFi, NFTs, or smart contracts became mainstream.
Biggest Seller: The Ethereum Foundation
One address stands out for its massive outflow: 0x5abfec2…56f9, which received 11.9 million ETH at genesis—the largest single allocation.
Today, this address holds fewer than 10 ETH, having transferred nearly all its holdings within a week of launch to a smart contract now labeled as belonging to the Ethereum Foundation ("EthDev") on Etherscan.
That receiving address currently holds around 400,000 ETH, meaning the foundation has reduced its original stack by roughly 97% over six years. This gradual divestment likely funded development, grants, operations, and ecosystem incentives.
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Yet even after selling off most of its stash, the Ethereum Foundation's remaining assets have appreciated enormously—from an initial value of $33.6 million** (at $2.83/ETH) to over $1 billion** today.
This illustrates a critical dynamic: responsible stewardship through strategic distribution can drive network growth without sacrificing long-term sustainability.
The Mystery Gainer: Who Increased Their Genesis Balance?
Surprisingly, more than 40 genesis addresses now hold more ETH than they started with. The most notable case is 0xddbd2b9…121a, which began with 10,000 ETH, quickly moved them to Kraken (likely for sale or liquidity provision), but then received a massive inbound transfer of over 80,000 ETH just days later.
After redistributing portions of that windfall—some back to exchanges—the address settled with about 40,000 ETH, where it has remained unchanged since October 2015.
Tracing the source of those 80,000 ETH leads back to the same EthDev wallet controlled by the Ethereum Foundation. This suggests the recipient may have been a key developer, early investor, or internal entity closely aligned with Ethereum’s core team.
Interestingly, this very address appears in Etherscan’s official developer documentation as an example account—an unusual honor that hints at its legitimacy and historical significance.
While its identity remains unconfirmed, this case highlights how early contributors were sometimes rewarded beyond their initial allocations, reinforcing loyalty and incentivizing long-term involvement.
Frequently Asked Questions (FAQ)
Q: What is a genesis address in Ethereum?
A: A genesis address is one of the 8,893 wallets that received an initial allocation of ETH when Ethereum launched in July 2015. These addresses were part of the network's founding distribution.
Q: How many genesis addresses still hold large amounts of ETH?
A: Around 723 genesis addresses—about 8%—have retained nearly all their original ETH. Together, they hold over 2 million ETH, worth approximately $5 billion today.
Q: Did most early Ethereum holders sell their coins?
A: Yes. About 82% of genesis addresses now hold less than 1 ETH, indicating widespread selling or transferring. Only a small fraction maintained long-term holdings.
Q: Why did the Ethereum Foundation sell so much ETH?
A: The Ethereum Foundation gradually distributed its large initial holdings to fund development, research, grants, and ecosystem-building efforts essential to Ethereum’s growth.
Q: Can we track where sold ETH went?
A: Not precisely. On-chain data shows transfers to exchanges like Kraken but cannot confirm whether tokens were sold immediately or held for future use.
Q: Is holding since genesis common in crypto?
A: Extremely rare. Most investors trade or rebalance portfolios over time. The fact that ~8% of genesis addresses remain untouched reflects exceptional conviction and foresight.
Final Thoughts: Lessons from Ethereum’s Earliest Days
The journey of Ethereum’s genesis addresses offers powerful lessons about wealth creation, belief in technology, and the importance of long-term vision. While most early participants exited or reduced positions, a resilient minority held firm—turning modest allocations into generational wealth.
As Ethereum prepares for the London hard fork and transitions toward a more sustainable economic model via EIP-1559, understanding these historical patterns helps contextualize current market behavior.
Whether you're an investor, developer, or observer, one truth remains clear: in blockchain, time in the market often trumps timing the market.