Bitcoin (CRYPTO: BTC) maxi Samson Mow said Sunday that Korean retail investors were propping up Ethereum (CRYPTO: ETH) by investing billions in ETH treasury firms.
Korean Investors Propping Up ETH Treasury Firms?
In an X post, Mow related the current state of the world’s second-largest cryptocurrency by market capitalization to South Korea.
He claimed that Korean retail investors, particularly the seohak gaemie, a term used for those primarily investing in overseas markets like the U.S., are the main force keeping ETH at its current levels.
“There’s around $6 billion (dollars, not KRW) of Korean retail capital propping up the Ethereum treasury companies,” Mow, CEO of Bitcoin technology company JAN3, stated.
‘ETH Influencers Flying To Korea’
Mow’s comments were in response to a post criticizing Tom Lee, chairman of ETH-hoarding company Bitmine Immersion Technologies Inc. (AMEX:BMNR), who has set lofty upside targets for the cryptocurrency.
“ETH influencers have been flying to South Korea just to market to retail,” Mow said, adding that many of these investors believe they are investing in the next Strategy Inc. (NASDAQ:MSTR), the world’s largest cryptocurrency treasury company.
“This won’t end well,” Mow warned. Lee didn’t immediately return Benzinga’s request for comment.
The Debate Around Lee’s Bull Thesis
Lee said last month that ETH could hit $62,000, citing historical price bases, the ETH-to-BTC ratio, and the potential of Ethereum in financial infrastructure. However, Mechanism Capital founder Andrew Kang dismissed the bull thesis as “retarded” and “financially illiterate.”
Kang argued that Ethereum’s valuation largely relies on macro liquidity and speculative belief, and without major structural changes, ETH may underperform and remain range-bound.
Despite the criticism, some analysts remain optimistic about Ethereum’s future. Standard Chartered analyst Geoff Kendrick said last month that ETH treasury companies have the “highest probability of being sustainable” compared to their BTC rivals.
Price Action: At the time of writing, BTC was exchanging hands at $124,026, up 0.85% in the last 24 hours, according to data from Benzinga Pro. ETH traded up 0.67% at $4,576 at last check.
Bitmine shares were up 4.18% in pre-market trading after closing 0.27% higher at $56.65 during Friday’s regular trading session.
The stock demonstrated a favorable price trend in the short, medium and long term. Visit Benzinga Edge Stock Rankings to see how it stacks up against Strategy, its BTC counterpart.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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ETHGrayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest$43.121.13%Overview$BTCBitcoin – United States dollar$124006.000.39%$ETHEthereum – United States dollar$4565.271.11%BMNRBitMine Immersion Technologies Inc$59.064.25%MSTRStrategy Inc$359.942.36%Market News and Data brought to you by Benzinga APIs
