A 2011 S1-COIN-25 Casascius physical Bitcoin became active this week, with the 25 BTC tied to its long-dormant address moved in two transactions that shifted the funds into a SegWit address. Galaxy Research identified the item as a Casascius physical Bitcoin, and the original 25 BTC had been valued at about $1.78 million in the alert cited by the source. On-chain data shows the watched address received its 25 BTC output in block 156,413 on Dec. 7, 2011, later picked up small dust amounts, then spent 25.00002187 BTC on June 3 in block 952,159, returning 24.98998 BTC to the same address. A second transaction on June 4 in block 952,267 sent 24.98996629 BTC to bc1qn5snfwq447vge9ynnz66xqm9kpam9eu34z52dk with a fee of 1,371 sats, leaving the original address empty. The blockchain therefore shows a custody transition rather than a confirmed sale: bitcoin once tied to a physical collectible was made spendable and moved away from the original Casascius-attributed address, but there is no visible evidence yet of routing to an exchange, custodian or other liquidity venue.