Korean retail investors are shifting from major U.S. tech stocks to high-risk, high-reward cryptocurrency-related stocks.
According to KCIF data, the proportion of cryptocurrency-related stocks among the top 50 stocks purchased by Korean investors rose from 8.5% in January to 36.5% in June, then decreased to 31.5% in July.
The net buying amount of major U.S. tech companies fell to $260 million in July, an 84% decrease from the monthly average of $16.8 billion from January to April.
KCIF attributes this change to the rapid acceptance of stablecoins in global financial markets, noting that the recently passed GENIUS Act in the U.S. has had an impact.
BitMine has profited $259 million from Korean investors since July.
The company holding Ethereum, BitMine Immersion Technologies, is the biggest beneficiary of this trend.
According to data from the Korea Securities Depository, since the beginning of July, Korean retail investors have invested $259 million in BitMine stock, making it the most popular overseas stock in July.
In the past 30 days, BitMine increased its ETH holdings by 410.68%, with a total holding of 833,100 ETH. With ETH breaking through $4,300 on Monday, the company's market value reached nearly $3.6 billion, up 24% from last Tuesday.
Ethereum founder Vitalik Buterin encourages financial companies to be wary of excessive leverage.
Although Ethereum founder Vitalik Buterin supports public companies buying ETH, he warned investors that the future of ETH should not come at the cost of excessive leverage.
In a podcast, Buterin emphasized that the potential 'slippery slope' for ETH could arise if it becomes overly leveraged. He pointed out that a drop in ETH prices could trigger a series of liquidations.
Nevertheless, he is confident in ETH investors, believing they are cautious enough not to fall into such a situation.
