Are the South Korean retail merchants the only thing that maintains Ethereum treasury societies in life?

The underperformance in progress of Ethereum against Bitcoin has rekindled a debate on what keeps the asset and which is really behind its request.

According to Bitcoin Advocate Samson Mow, around $ 6 billion in South Korean retail money now supports the good Ethereum treasury, companies accumulating ETH as an equilibrium as an echo to the microstrategy Bitcoin strategy. Mow published the complaint in a position on October 5 on X, arguing that the “ETH influencers” flew to Seoul for retail merchants in court to run after the next “strategy game”.

According to CoinmarketCap, on October 6, ETH slipped approximately 1.9% in the last 24 hours and is down approximately 5% against Bitcoin in the last month. This weakness, suggested Mow, exposes how the enthusiasm of short -term retail, rather than an institutional conviction, maintains the evaluation of Ethereum.

The data from the Strategic ETH reserve show that 67 entities, including Bitmin and Sharplink, collectively hold around 5.49 million ETH (around 25 billion dollars), or 4.5% of the total supply.

Mow awarded a large part of this exposure to South Korean retail investors known locally under the name of Seohak Gaemie, saying that they have channeled around $ 6 billion in the companies of the Ethereum Treasury. He argued that the promoters have marketed these companies as the “next microstrategy”, attracting traders in search of easy analogues to the Bitcoin business accumulation book:

“Many of these investors have no idea of ​​the ETH / BTC table and think they are buying the next strategy trade.”

He warned that enthusiasm based on “financial illiteracy” could turn against him, especially since Ethereum continues to delay bitcoin in relative performance.

Ethereum’s price performance reflects concern. Despite the periodic entrances and the renewed narrative thrusts, ETH remained capped below its summit of $ 4,946 previous and continues to weaken against Bitcoin. The ETH / BTC ratio has dropped by more than 5% in the past year, strengthening the perception that a large part of the support for the market capitalization of Ethereum is focused on narrative rather than based on fundamental growth or institutional adoption.

Mow’s criticism aligns with the comments of the co-founder of Méchanism Capital, Andrew Kang, who also questioned the financial logic behind the treasury bills based in Ethereum. Kang highlighted projects such as Tom Lee’s hoistanity as examples of “unclosed cash models” which do not have the financial structure observed in companies that retain the successful bitcoin. “Ethereum’s techniques are slaughter,” said Kang, adding that the long -term ETH range could remain between $ 1,000 and $ 4,800 without a major change in the fundamentals.

Kang concluded that Ethereum’s evaluation “comes mainly from financial illiteracy”, comparing his speculative momentum to XRP historical rallies. He argued that if the media threshing of retail can maintain a large market capitalization for a certain time, it is not a lasting basis: “the evaluation which can be drawn from financial illiteracy is not infinite.”

That the demand for Korean detail becomes a new structural pillar for Ethereum, or the last hacking of a discoloration narrative, may depend on the duration of the duration of the history of the “Treasury of the ETH”.

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