Key Takeaways
- Genesis Event: 72 million ETH distributed to 8,893 wallets during Ethereum's launch.
- Current Status: Only 3.12% of original ETH remains in genesis wallets, while most has been moved.
- Holding Behavior: A notable 860,233 ETH remains untouched, possibly from long-term believers or inactive accounts.
- Cluster Analysis: The initial distribution may have been more concentrated, with 8,578 unique entities in total. 213 clusters with two or more genesis wallets were identified.
The Ethereum genesis event marked the dawn of one of the most influential blockchain networks in the crypto space. It distributed over 72 million ETH to early participants, setting the foundation for Ethereum's rise as the second-largest cryptocurrency by market cap today. But what happened to those initial Ethereum holdings, and how have they evolved since that momentous event?
Let’s take a deep dive into the on-chain data of the Ethereum genesis addresses to understand how the initial ETH distribution has played out over time.
The Genesis Distribution: A Snapshot
The Ethereum genesis event distributed 72,009,990.49948 ETH to 8,893 unique wallets. These funds were allocated to early adopters, developers, and investors who supported the project during its earliest stages. Here's how the distribution looked by wallet balance:
- 0–0.1 ETH: 2 wallets
- 0.1–1 ETH: 0 wallets
- 1–10 ETH: 0 wallets
- 10–100 ETH: 989 wallets
- 100–1000 ETH: 2,546 wallets
- 1000–10,000 ETH: 4,339 wallets
- 10,000–100,000 ETH: 895 wallets
- 100,000+ ETH: 121 wallets
The bulk of the distribution was held in large wallets, with 121 wallets holding more than 100,000 ETH at genesis.
The Current State of Genesis Addresses
Over time, the behavior of these genesis wallets has varied greatly. Contrary to what many might expect, Ethereum's genesis wallets did not simply liquidate their holdings. While many holders sold some or all of their ETH, others continued to hold or even accumulate additional ETH over the years. As of today, a significant portion of the genesis ETH has left its original wallets, while a fraction remains untouched.
Here are the key figures (at time of writing):
- Total ETH at genesis: 72,009,990.49948 ETH
- ETH remaining in genesis wallets today: 2,251,844.437 ETH (~ 5.96 billion US dollars at an ETH price of 2,650$)
- Difference (ETH moved from genesis wallets): 69,758,146.07 ETH
- Percentage of original ETH still held in genesis wallets: 3.12%
- Untouched genesis ETH: 860,233 ETH
Observations: Holding and Selling Behavior
Interestingly, only 3.12% of the original ETH distributed to genesis wallets remains there today. This means the vast majority of Ethereum from genesis has been moved to other wallets over the years.
Despite this, there is still a notable amount of 860,233 ETH that has never been touched. These untouched coins represent a considerable holding, possibly indicating long-term believers in Ethereum, lost private keys, or inactive accounts.
Cluster Analysis: Understanding Unique Users
To gain a better understanding of the participants in the genesis event, we conducted a cluster analysis. This involved grouping addresses into clusters if they transacted with one another. By tracing interactions, we aimed to estimate how many unique users actually participated in the Ethereum genesis.
The results were surprising: out of the 8,893 wallets at genesis, our analysis identified 8,578 unique entities. Several wallets could be linked together in a total of 213 clusters with two or more genesis wallets.
What Happened to the Genesis Coins?
The Ethereum genesis event was the foundation of a revolution in blockchain technology, distributing over 72 million ETH to early participants. Today, only a small fraction of that ETH remains in the original genesis wallets, with just 3.12% still held in the same addresses. Most of the initial ETH has since moved, either sold off or consolidated elsewhere.
Our cluster analysis further reveals that the initial distribution may have been less decentralized than it first appeared, with 8,578 wallets representing unique participants.
As Ethereum continues to evolve, it will be fascinating to observe how the behavior of these remaining genesis wallets changes. Whether held by long-term believers, dormant accounts, or forgotten private keys, these untouched coins are a reminder of Ethereum's beginnings and the early adopters who helped build the decentralized ecosystem we know today.
The information provided by DAIC, including but not limited to research, analysis, data, or other content, is offered solely for informational purposes and does not constitute investment advice, financial advice, trading advice, or any other type of advice. DAIC does not recommend the purchase, sale, or holding of any cryptocurrency or other investment.
