South Korean retail traders have been dumping their US tech stocks and moving into Ethereum plays instead. Over the past few weeks they sold off around $721M worth of Tesla, $166M of Alphabet and $216M of Apple, which is a massive rotation considering how popular those names are in Korea. At the same time they poured about $269M into BitMine, a company that not only mines bitcoin but also holds Ethereum in its treasury, making it one of the largest public ETH holders. These so-called “seohak ants” (basically small but very active retail investors) seem to be shifting away from the traditional US tech growth trade and betting on crypto-exposed firms, especially ones tied to ETH. It’s a pretty interesting signal of where retail sentiment in Asia might be heading right now.
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