Ethereum continues to be in the spotlight of the cryptocurrency market, despite its price fluctuating in a narrow range. Changes in liquidity and institutional inflows may impact further dynamics.
Bit Digital Sells BTC to Buy ETH
Bit Digital, a digital mining development company, has completely exited its Bitcoin position to focus on Ethereum. The company acquired approximately $192.9 million worth of ETH after raising about $172 million through a public offering and selling around $28 million worth of BTC. This has made Bit Digital one of the largest publicly traded companies holding ETH.
Ethereum Reserves Hit Historic Lows
Despite the turnover and redistribution of funds, the price of ETH remains stable. The amount of Ethereum held on centralized exchanges has dropped to just 18.9 million, marking a record low level. This indicates declining sell-side liquidity, which is typically seen as a positive sign for the market.
ETH Staking Reaches Records, but Price Stays Steady
ETH staking has also surged, with the total value staked now exceeding 35.8 million. The rapid growth reflects increasing confidence in the Proof-of-Stake model. However, the price continues to stay within a narrow range between $2,515 and $2,590, despite shifts in supply structure and growing staking rates.
The fundamental metrics for Ethereum currently look particularly strong, yet the price does not react to positive changes. It is anticipated that a breakout above the $2,736 level may restore a bullish trend in the market.
