Bit Digital Shifts $28M Bitcoin to $192.9M Ethereum Holdings

Bit Digital, a prominent player in the cryptocurrency space, has made a significant strategic shift by liquidating its entire Bitcoin holdings and acquiring nearly $200 million in Ethereum. This move follows a recent public offering that raised $172 million, as revealed by data shared by Arkham Intelligence. The company sold approximately $28 million worth of Bitcoin and used the proceeds, along with capital from the public sale, to purchase $192.9 million in Ethereum. As a result, Ethereum now constitutes the firm’s largest crypto holding, valued at around $254.8 million. This reallocation underscores a growing institutional confidence in Ethereum’s long-term value and its role as a cornerstone in the smart contract and decentralized finance (DeFi) sectors.

Ethereum’s price has been trading within a defined range, currently between $2,313 and $2,737, with analysts closely monitoring for a potential breakout. Technical indicators suggest steady accumulation and rising bullish momentum within this range. Analyst Daan Crypto Trades noted that Ethereum has respected this range repeatedly, with higher lows forming since late June. This structure indicates growing buy pressure, although the current action sits in what he calls a “no-trade zone,” an area often lacking strong price direction and creating hesitation among traders.

If Ethereum maintains its steady climb, a push toward the $2,700–$2,800 range is expected. This zone is a key resistance level. A daily close above $2,800 could signal the end of the current consolidation and spark upward momentum toward $3,000. However, failure to reclaim the top of the range could trigger a fallback. A slide below the $2,420–$2,470 support zone may open the way for a retest near $2,330. Bit Digital’s investment coincides with signs of renewed institutional interest in Ethereum, with market watchers considering such allocations as validation of Ethereum’s evolving role in the broader crypto ecosystem. While ETH remains range-bound, traders await a clear break before entering new positions. The recent accumulation suggests that confidence is building quietly, even as short-term volatility remains subdued.