Two dormant Ethereum Genesis Block wallets, created on July 30, 2015, the date of Ethereum's mainnet launch, have been reawakened after nearly a decade, moving 1,140 ETH worth approximately $2.9 million. The wallets, identified by their starting addresses "0x27" and "0x7f," received their initial Ether (ETH) from transactions labeled "GENESIS" on Etherscan, indicating they were funded at the launch of the Ethereum network. The funds were subsequently transferred to a common third wallet.
These wallets were among the 8,893 unique wallets that received 72 million ETH during Ethereum's launch, known as the Genesis event. These early addresses belonged to supporters, developers, and investors who backed the ether initial coin offering (ICO) in 2014. During the ICO window from July 22 to Sept. 2, 2014, the pre-mined ether was sold in exchange for bitcoin (BTC). Estimates suggest the Ethereum team brought in between 31,000 and 31,500 BTC from the ICO.
The recent activity is part of a broader trend of dormant "whale" wallets reawakening, similar to movements seen with Bitcoin wallets dormant for even longer periods. Earlier in June, another Genesis-era whale moved ETH after 10 years. That wallet had received 2,000 ETH during the ICO phase for just $620. The current valuation of that wallet exceeds $5 million. Another Ethereum whale from 2015 moved 1 ETH after 10 years of inactivity, and their original $310 investment is now worth $2.44 million.
The activation of these wallets comes at a time when Ether has appreciated nearly 90,000% since the wallets received their coins. For example, a wallet that received 1,000 ETH during the Genesis event for just $310, initiated a 1 ETH transaction recently. At the current Ethereum price of $2,502, the wallet's total holdings are now valued at approximately $2.44 million, marking a staggering 787,000% gain over the initial purchase amount. This increase in value highlights the substantial growth and potential of the Ethereum ecosystem over the past decade.
The movements from these early wallets often spark speculation about the intentions of these holders. The transfers could signal preparations for major portfolio adjustments, profit-taking, or a change in long-term holding strategies. Some analysts are closely monitoring these addresses for further movements, as they could potentially influence market dynamics. The ETH, acquired for roughly $0.31 per token in 2015, now sits at the center of speculation regarding whether large-scale liquidations could follow.
These "ancient ETH awakenings" are rare and are more in line with bitcoin wallets from 2010 in terms of rarity. Despite the potential for increased selling pressure, institutional demand for Ethereum remains strong. Spot Ethereum ETFs have recorded seven straight weeks of net inflows, totaling $283 million last week, led by BlackRock's ETHA fund. This continued institutional interest, despite rising short positions, indicates a robust and growing interest in Ethereum from major investors.
