South Korean investors swap US Big Tech stocks for crypto-linked equities

South Korean retail investors are pivoting distant from Big Tech stocks successful the United States into high-risk, high-reward crypto-linked equities. 

A Yonhap News Agency study citing information from the Korean Center for International Finance (KCIF) said that the magnitude of crypto-linked stocks successful the apical 50 net-bought stocks by South Korean investors roseate from 8.5% successful January to 36.5% successful June earlier declining to 31.5% successful July. 

The study added that nett purchases of the apical US Big Tech companies dropped to $260 cardinal successful July, down 84% from a monthly mean of $1.68 cardinal betwixt January and April. 

The KCIF attributed the displacement to the rapidly increasing acceptance of stablecoins into the planetary fiscal markets, saying that the recently passed United States GENIUS Act contributed to the change. 

BitMine gained $259 cardinal from South Korean traders since July

The Ether-stacking institution BitMine Immersion Technologies is the biggest beneficiary of the displacement successful South Korean capitalist appetite. 

On Monday, a Bloomberg study citing information from the Korea Securities Depository said that retail investors successful South Korea poured $259 cardinal into BitMine stocks since the opening of July. This makes the institution the most-purchased overseas information banal successful the state successful July. 

In the past 30 days, BitMine has accrued its ETH holdings by 410.68% to 833,100 ETH. With this, BitMine holds the world’s largest Ether (ETH) stack. As ETH surged past $4,300 connected Monday, the company’s holdings became worthy astir $3.6 billion, up 24% from their worth past Tuesday. 

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Ethereum co-founder Vitalik Buterin backs treasury firms, warns of overleverage

While Ethereum co-founder Vitalik Buterin backed nationalist companies buying ETH, helium warned investors that the aboriginal of ETH must not travel astatine the outgo of excessive leverage. 

In a Bankless podcast, Buterin stressed that the “downfall of ETH” being from treasuries would beryllium if it someway turned into “an overleveraged game.” Buterin outlined a worst-case concatenation absorption wherever an ETH terms driblet could crook into a cascade of liquidations. 

Despite this, helium expressed assurance that ETH investors are disciplined capable to steer wide of specified a case. 

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