Ethereum Presale Dormancy Reveals Concentration of Wealth Among Early Holders

The Ethereum presale in 2014 was one of the largest crowdfunding events in internet history. From July 22 to September 2, it sold approximately 60 million ETH for 31,500 BTC. The sale started at a rate where 1 BTC bought 2,000 ETH, but by the end, it dropped to 1,337 ETH per BTC, putting the price of ETH at around $0.31.

The presale was unforgiving in that buyers had to keep their own wallet files without password reset options. This meant if a buyer lost their file, they lost access to their ether forever.

Twelve years after the launch, it's been discovered that 621 genesis addresses have never broadcast an outgoing transaction. These wallets hold 1,421,008 ETH, which equals $2.7 billion at the $1,930 price level. This dormancy has led some to call it a failure of the original promise of broad distribution.

Among these wallets, Rain Lohmus holds a single 250,000-ETH address that has never sent an outgoing transaction, worth around $483 million at current prices. Conor Grogan traced this as one of the largest in existence.

Since 2025, 30 wallets have woken up for the first time in a decade, moving a total of 67,900 ETH, totaling $131 million at current prices. Most of these users emptied their balances to near-zero, suggesting a long-planned exit.

The network's legacy is still shaped by its initial allocation to early contributors and investors, with 72 million ETH premine remaining a source of debate.