South Korean retail investors have poured more than $12 billion into US crypto stocks.
Despite the sudden drop in prices, Korean buyers continue to actively accumulate Bitmine, Circle and Coinbase.
Despite being an analyst, signs of fatigue should be wary as circle and Kakapai stocks are facing abrupt corrections.
Korean retail investors, known for their strong appetite for cryptocurrencies, are now turning their attention to crypto stocks registered in the US. Even as stock prices fall, they continue to pour billions into companies tied to digital assets, indicating a major shift in global capital flows.
Billions flow into US crypto stocks
According to a 10x survey, Koreans have purchased more than $12 billion in stocks this year alone in crypto companies. The largest beneficiaries include Bitmine, Circle Internet Group and Coinbase.
In August, purchases were bolstered, with $426 million in Bitmine, $226 million in and $183 million in Coinbase. South Korean investors also purchased twice the Ether ETF, worth $282 million. This is a leveraged fund twice as much as Ethereum's daily returns.
“Korean investors are pouring billions of dollars into crypto stocks, changing the global trend in ways Wall Street can no longer be ignored.”
From Tesla to Crypto
This enthusiasm shows a marked change. Just a few years ago, Korean retail money was flowing to US tech giants like Tesla and Nvidia. Digital asset stocks are now emerging as new favourites as crypto regulations are tightening in both the US and South Korea.
Buy dip, Korean style
What's impressive is that despite the sudden drop in prices, purchases aren't slower. Bitmine, which was released in June and quickly became the owner of the world's largest Ethereum, fell from nearly 68% to $43 by late August before reaching its share price at $135 in July.
Meanwhile, USDC publisher Circle Internet Group also fell more than half, down from $263 to $131.
Still, Korean retail investors continued to buy. In just five days starting August 25, they pushed up Bitmine stock of $96.87 million and a circle of $32.44 million, according to the Korean Securities depository.
Note: Despite billions of investments
A 10x survey warned that enthusiasm remains strong, but there are signs of fatigue.
With it flowing from South Korea to US crypto-related stocks, Wall Street is no longer able to overlook the role of global retail money.
