Bit Digital Dumps Bitcoin for Ethereum in $200M Shift as ETH Price Eyes Breakout

TLDR:

Bit Digital sold $28M in BTC and added $192.9M in ETH after a $172M public offering.
Ethereum is now the firm’s largest crypto holding at roughly $254.8 million in value.
ETH trades in a range between $2,313 and $2,737, with bullish signals building slowly.
A breakout above $2,800 may spark a rally toward $3,000 if support levels hold firm.

Bit Digital has made a bold move by liquidating its entire Bitcoin holdings and acquiring nearly $200 million in Ethereum. 

The pivot follows a recent public offering that raised $172 million, according to data shared by Arkham Intelligence. After the transaction, Bit Digital now holds around $254.8 million in ETH, signaling growing institutional confidence in Ethereum’s long-term value. 

This shift comes as Ethereum trades within a defined price range and analysts monitor closely for a potential breakout. Meanwhile, technical indicators show steady accumulation and rising bullish momentum within the current range.

Bit Digital Sells Bitcoin, Loads Up on Ethereum

Arkham Intelligence revealed Bit Digital sold approximately $28 million worth of Bitcoin. The proceeds, along with capital from its recent public sale, funded the company’s purchase of $192.9 million in ETH. 

THIS COMPANY SOLD ALL OF THEIR BTC AND BOUGHT $200M OF ETH

Bit Digital just acquired $192.9M ETH after raising ~$172M from a public offering, and selling their entire holdings of BTC, worth ~$28M.

Bit Digital now holds a total of $254.8 Million of ETH. pic.twitter.com/nV3P9vhZU8

— Arkham (@arkham) July 7, 2025

The new allocation makes Ethereum the firm’s largest crypto holding by value.

This strategic rebalancing positions the firm heavily in Ethereum, which is increasingly seen as a smart contract and DeFi cornerstone. While Bitcoin has traditionally dominated corporate treasuries, Bit Digital’s move reflects a shifting institutional preference toward ETH in a multi-chain environment.

At the time of writing, Ethereum trades around $2,544 according to CoinGecko. It has shown a 3.06% gain over the past seven days, despite a slight drop in the last 24 hours. 

The price is holding near the midpoint of a horizontal range between $2,313 and $2,737, a zone active since mid-May.

Analyst Daan Crypto Trades noted that ETH has respected this range repeatedly, with higher lows forming since late June. The structure suggests growing buy pressure, although current action sits in what he calls a “no-trade zone.” 

This area often lacks strong price direction, creating hesitation among traders.

ETH Price Resistance Looms at $2,800 as Bulls Gather Strength

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.

$ETH In the larger range but slowly grinding higher.

If it can keep this up and get back to that $2.7K-$2.8K region I am expecting a bigger breakout and move after that.

But for now I’m just letting this play out as we’re near the middle of it all. No place to rush into any… pic.twitter.com/SOYrScqh8Y

— Daan Crypto Trades (@DaanCrypto) July 7, 2025

Bit Digital’s investment coincides with signs of renewed institutional interest in Ethereum. Market watchers consider 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.