Key Insights from Analyzing Ethereum's Original Addresses
As Ethereum prepares for its landmark London Hard Fork upgrade, we analyzed the activity of 8,893 genesis addresses from six years ago. Here's what we discovered:
Dramatic Shifts in ETH Holdings
- 96% reduction in ETH held (from 72M to 3.09M ETH)
- 40x dollar value growth ($2B → $77B at current prices)
- 60% of addresses now hold <0.01 ETH
- 82% hold <1 ETH
The Hodlers (8% of addresses)
- 723 addresses maintained near-original balances
- Hold 65% of remaining genesis ETH (2M ETH)
- Current value: $50 billion
Notable Address Activity
Ethereum Foundation
- Reduced holdings by 97% (from 11.9M to 400K ETH)
- Dollar value grew from $33.6M to $1B
Mystery Whale
- Increased holdings by 30K ETH ($75M value)
- Received funds from Ethereum Foundation
- Identity remains unknown
Why This Matters Ahead of London Hard Fork
The EIP-1559 proposal represents Ethereum's first economic model change since launch. Our analysis shows:
👉 How genesis investors adapted to previous network changes
- Early adopters largely moved funds despite price growth
- Foundation wallets show strategic distribution patterns
- Most addresses became inactive (60% with dust balances)
FAQ: London Hard Fork Edition
Q: How might EIP-1559 affect long-term holders?
A: The new fee-burning mechanism could increase scarcity, potentially benefiting HODLers.
Q: Why analyze genesis addresses now?
A: Understanding early investor behavior helps predict market reactions to protocol changes.
Q: Were most early ETH sold?
A: Chain data shows movements but can't confirm selling - likely includes wallet reorganizations.
Q: What's the most surprising finding?
A: That 8% of addresses held through 40,000%+ gains shows remarkable conviction.
👉 See how Ethereum compares to other smart contract platforms
Conclusion: Lessons from Ethereum's First Six Years
Our analysis reveals:
- Early adoption didn't guarantee long-term participation
- Foundation wallets show disciplined distribution
- True believers were rewarded beyond expectations
As Ethereum enters its next phase with EIP-1559, these genesis address patterns offer valuable insights for today's investors navigating network upgrades.