TLDR
Two Ethereum Genesis wallets awaken after 3,630 days, moving $2.9M in ETH.
ETH from 2015 resurfaces, fueling speculation on long-dormant crypto whales.
U.S. government transfers seized ETH to Coinbase Prime, sparking market watch.
Dormant crypto wallets—from BTC to ETH—are suddenly springing back to life.
Two Ethereum Genesis wallets that had been inactive for nearly ten years have suddenly moved 1,140 ETH, worth around $2.9 million. According to data from Whale Alert and Etherscan, the wallets—created on July 30, 2015—were funded during Ethereum’s mainnet launch, also known as the “Frontier” phase.
The transfers occurred on July 8, 2025, and involved two wallets beginning with “0x27” and “0x7f.” These addresses had remained untouched for 3,630 days. Their activity marks a rare event involving Genesis wallets that received ETH directly from Ethereum’s original distribution.
Ethereum Genesis Wallets Activate After Nearly 10 Years
The two addresses were part of Ethereum’s Genesis block allocation. Their reactivation has drawn attention from both traders and analysts. These wallets were labeled “GENESIS” on Etherscan, confirming they received coins during Ethereum’s initial launch.
Ethereum launched in 2015 as a proof-of-work network. It rewarded miners with ETH for verifying transactions and securing the blockchain. In September 2022, Ethereum transitioned to a proof-of-stake model during the event known as The Merge. This change reduced energy usage while maintaining network security through staked ETH.
According to TradingView, ETH has appreciated by more than 89,000% since July 2015. At the time of transfer, the 1,140 ETH were worth approximately $2.9 million based on current market prices.
Recent Activity from Dormant Wallets Extends Beyond Ethereum
The Ethereum wallet movements follow a broader trend of reactivated wallets across the crypto market. On July 5, three Bitcoin wallets dormant for over 14 years moved billions in assets.
In other instances throughout 2024, wallets from the Satoshi era also transferred BTC, totaling about $44 million in value.
These awakenings often raise questions about ownership, security, and motives. Some transfers end up on exchanges, while others move to new cold wallets, leaving their purpose unknown.
US Government Transfers Ethereum to Coinbase Prime
On the same day, a US government-controlled wallet moved 86.56 ETH, valued at around $200,000, to Coinbase Prime. The funds had been seized in 2022 from Chase Senecal, who was linked to NFT scams and hacking activities.
According to Arkham Intelligence, the wallet first sent a test transaction of $10 before transferring the full balance to the exchange. Coinbase Prime is often used by large entities to reduce the effect of their trades on the open market.
Although the amount was small, such transfers can still influence market behavior. Traders monitor wallets tied to law enforcement because transfers to exchanges may suggest liquidation plans.
Ethereum Price Holds Steady Despite On-Chain Movements
At the time of reporting, Ethereum remained relatively stable. According to data, ETH was trading at $2,530, down 0.19% in the last hour. The recent wallet movements did not appear to affect the broader price trend.
Ethereum’s ongoing network development has continued. In May, developers implemented the Pectra upgrade, which introduced smart accounts and improved scalability. ETH climbed from $1,812 to over $2,540 in the weeks that followed.
In addition, Ethereum co-founder Vitalik Buterin and researcher Toni Wahrstätter proposed a transaction gas cap of 16.77 million. They stated that the proposal aims to improve network reliability and reduce risks from denial-of-service attacks.
While there are no confirmed sell orders from the reawakened Genesis wallets, their activation adds to the growing number of dormant address movements being tracked by on-chain analysts.
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