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My lvl up chest :< where did it go?

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"Changelog(drop system)

The current item drop system doesn't function well as a reward mechanism. It drops many items on players who aren't interested in them (the items are extremely common, or they're for a hero the player doesn't play), and in the process dilutes the value of the items. We'd like to get to a place where dramatically fewer uninteresting items enter the economy. We don't have a complete solution yet, so we're going to move forward step by step, taking feedback from you as we go.

- Item drops are now entirely time based instead of level based.
Drop list now includes full sets, treasures, bundles and Arcanas at a rare rate instead of frequently dropping common items"

http://dota2.gamepedia.com/Present
As of October 31, 2014, presents are no longer available. If you have one left in your inventory, opening it will yield a rare or higher item.
 
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