Two Casascius Coins Activate, Unlocking $179 Million After 13 Years

Two dormant Bitcoin Casascius coins, each containing 1,000 BTC, were activated after 13 years, unlocking over $179 million.

The coins were minted in 2012 and 2011. Their value increased significantly from initial prices of $11.69 and $3.88 respectively.
Casascius coins, physical representations of Bitcoin, were produced by Mike Caldwell between 2011-2013.
Each coin contained a private key under a tamper-resistant hologram, essential for accessing the Bitcoin stored within.

Out of limited production, only 16 bars and 6 coins of 1,000 BTC exist, adding to their rarity and historical significance.

Caldwell ceased operations following a FinCEN inquiry regarding potential unlicensed money transmission.

Market Impact

The spot and derivatives markets are highly volatile, with an 11,588% liquidation imbalance reported.
Bitcoin was trading below $90,000, causing significant long position liquidations exceeding $20 million, while short positions remained stable.