Two Bitcoin wallets linked to rare physical Casascius coins have come back to life after more than 13 years of inactivity, moving a combined 2,000 BTC — now valued at approximately $180 million — in a single day.
According to on-chain data, one of the wallets transferred 1,000.0028 BTC after remaining untouched for around 13.2 years, while the second moved 999.9999811 BTC after being dormant for nearly 14 years. Both wallets originally received their funds between 2011 and 2012, when Bitcoin was trading below $15.
The transactions were first highlighted by blockchain trackers monitoring the addresses tied to the physical coins. On the same day, another 8 BTC was also redeemed from smaller Casascius-linked wallets, suggesting broader activity among early physical Bitcoin holders.
Reasons for Recent Activity Remain Unclear
The motive behind the transfers remains unknown. There is no confirmation whether the movements were connected to a sale, internal asset restructuring, or a precautionary transfer aimed at safeguarding access to the funds.
Some analysts speculate the activity could be linked to concerns over the physical condition of the coins, as Casascius wallets rely on concealed private keys under tamper-evident holograms. Over time, physical degradation could pose a risk to access, prompting owners to redeem the BTC into standard digital wallets.
The identity of the wallets’ owner or owners has not been established.
Understanding Casascius Coins
Casascius coins are early physical representations of Bitcoin created in 2011 by developer Mike Caldwell. Each metal coin contains a concealed private key hidden beneath a holographic seal, allowing the holder to redeem real Bitcoin by peeling the sticker. The concept bridged physical collectibles with digital currency and quickly became a symbol of early crypto adoption.
The project ceased production in 2013 after regulatory pressure from the U.S. Financial Crimes Enforcement Network (FinCEN), which required Caldwell to register as a money services business. By the time minting stopped, an estimated 90,000 coins had entered circulation — most holding small BTC amounts.
However, only a handful of ultra-rare versions were ever produced with 1,000 BTC each — just six coins and 16 bars in total — making the recent movement particularly notable.
A Glimpse into Bitcoin's Nascent Era
At today’s prices near $90,000 per BTC, the reactivation of these early wallets serves as one of the most striking reminders of how dramatically Bitcoin’s value has evolved since its early days — and how much dormant wealth still lies hidden across the blockchain.