As Ethereum (ETH) steadily approaches its all-time excessive (ATH), some business leaders imagine that the second-largest cryptocurrency by market capitalization just isn’t fully benefiting from natural demand. Rather, it’s being “propped up” by Korean buyers trying to make a fast buck.
Ethereum Being Held Up By Korean Investors?
In an X post earlier at present, crypto entrepreneur Samson Mow made some attention-grabbing observations on ETH’s present value trajectory. The crypto government attributed ETH’s present heightened value to Korean retail buyers.
Specifically, Mow said that roughly $6 billion value of Korean retail capital is supporting Ethereum costs. Mow blamed ETH influencers who’re reportedly touring to South Korea to market the digital asset to retail buyers.
In addition, the founding father of AQUA Wallet mentioned ETH buyers will not be totally conscious of the ETH/BTC chart, and are beneath the misunderstanding that they’re shopping for the “next Strategy.” He cautioned that it’s going to not finish properly for ETH buyers.
To recall, Strategy is the main public firm in relation to the quantity of Bitcoin (BTC) held on its steadiness sheet. According to information from Coingecko, Strategy presently holds 640,031 BTC, value greater than $48 billion at prevailing market costs.
When it involves Ethereum-based treasury corporations, BitMine leads the pack, holding greater than 2.5 million ETH value roughly $12.4 billion. Other corporations like SharpLink Gaming (838,728 ETH), Coinbase ((136,782 ETH), Bit Digital (120,306 ETH), and ETHZilla (102,246 ETH) spherical up the highest 5 within the checklist.
There are a number of indicators that the Ethereum buying and selling market in South Korea could also be reaching overbought ranges. For occasion, the ETH “Kimchi premium” surged to 1.93 on October 5, a big surge from -2.06 noticed in July 2025 when the cryptocurrency traded under $3,000.
For the uninitiated, the Kimchi premium refers back to the value distinction the place cryptocurrencies commerce at increased costs on South Korean exchanges in comparison with international markets. This premium arises from robust native demand, restricted capital movement out of Korea, and regulatory boundaries that forestall straightforward arbitrage between Korean and worldwide exchanges.
On-Chain Data Suggest Strong Demand For ETH
In distinction to Mow’s opinion, on-chain information reveals that each institutional and retail demand for ETH just isn’t displaying any indicators of slowing down. BitMine continues to stack ETH regardless of it buying and selling near its ATH territory.
At the identical time, ETH-based exchange-traded funds (ETFs) proceed to draw an rising quantity of inflows. Recently, US-based spot ETH ETFs attracted document inflows value $547 million. At press time, ETH trades at $4,701, up 4.4% up to now 24 hours.
Featured picture from Unsplash.com, chart from TradingView.com
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