South Korean retail investors are increasingly selling off shares of major tech companies like Tesla and Alphabet in favor of Ethereum-related stocks, as reported by the Korea Securities Depository.
Sell-off of Major Tech Stocks
According to data from the Korea Securities Depository, South Korean investors sold off about 1 trillion won ($721.6 million) of Tesla shares last month, which had long been popular among retail investors. Similarly, significant sales were recorded for Alphabet and Apple, amounting to around 230 billion won ($166 million) and 300 billion won ($216 million) respectively.
Investment in Ethereum-focused Companies
Over the past month, local retail investors, colloquially known as 'seohak ants', invested approximately $269 million into BitMine, a Bitcoin mining and Ethereum treasury management company that has now become the largest publicly listed ETH holder.
Ethereum Boom among Public Companies
Half of the top seven net-buy stocks during this period were cryptocurrency-related, including Coinbase, Robinhood, and Sharplink Gaming, also a significant ETH holder. In total, 18 public companies collectively hold 1.88% of Ethereum's supply.
The shift of South Korean investors from major tech shares to Ethereum indicates changing preferences in the financial markets, where cryptocurrencies and related assets are gaining increasing popularity among retail investors.
