🚨 #Bitcoin Miner Ditches $BTC for $ETH – Bit Digital Bets Big on Ethereum! 🚨
Ethereum Faces Pressure Despite Treasury Adoption Shift
Nasdaq-listed Bitcoin miner Bit Digital (BTBT) has officially shifted gears — moving away from BTC mining to adopt an Ethereum staking and treasury strategy.
🔁 Key Highlights:
• Bit Digital will cease BTC mining and use proceeds to stake ETH
• The firm is building a long-term ETH treasury
• Plans a public share offering to expand ETH holdings
📉 Market Reaction:
Ethereum dropped 1% in 24 hours, falling back below $2,500 as bulls lost momentum.
Exchange reserves climbed — signaling low demand and growing sell-side pressure
⚠️ Technical Outlook:
• ETH needs to reclaim $2,500 or risk a bearish flag confirmation
• Breakdown of triangle support could see ETH fall below $2,100
While Bit Digital joins SharpLink Gaming in adopting ETH as a core treasury asset, Ethereum’s price action now teeters on critical support levels.
📊 Is ETH the new institutional favorite—or a falling knife?