The world economy is still adjusting and dealing with the later period of President Trump's tariffs. Of all the volatility, the military of Korean retailers is reportedly being cashed out by Tesla. Local investors dumped a net worth of $657 million in August on the automaker's shares. This has been considered the largest monthly outflow since early 2023.
Among Tesla's most loyal global backers, they are now choosing the crypto market and heading towards risky bets. This includes shares in stock in Bitmine Immersion Technologies Inc., a US company representing Ethereum. However, the company's stock saw a net inflow of $253 million from Korean retailers.
Korean Retail Out Egyptian Records Hit Tesla Stocks
The unexpected change in trader's mood highlights the decline in faith in Tesla's AI promises and the growing appetite for highland gambling. Meanwhile, the buying eruption of South Korean investors has amplified Tesla rallies through the pandemic boom, but now they are looking for something else.
The report said the 33-year-old investor who first bought Tesla shares in 2019 but sold out this year to chase a new play. He said, “It failed to lead in its own AI story.”
Tesla's stock price has risen by more than 17% over the past six months, but continues to drag 12% on a year-on-year (YTD) basis. This suggests that the EV Making Giant saw a huge pump at the beginning of the year, but was unable to maintain momentum. Tesla stock traded at $333.86, down 1.45% in the last trading session.
Etherum Mania lifts the bitmine
Ethereum has been better than Bitcoin these days, so the timing is no coincidence. In fact, ether-linked ETFs are withdrawing more money than Bitcoin for the first time. They saw an influx of $1.5 billion in a week compared to $244 million in Bitcoin.
ETH prices have risen 28% over the last 30 days and 69% over the last 60 days. On the other side, Bitcoin prices fell by 3.6% and 2% over the same period. Large spikes in ETH purchases mean that Altcoin's biggest Altcoin exceeded $4,900, marking a fresh all-time high (ATH). ETH trades at an average price of $4,471 at press time. The 24-hour trading volume surged 43% to $31 billion.
Bitmine (BMNR) has already doubled the frenzy. Since launching the Ethereum financial strategy in June, it has won 1.79 million ETH (worth approximately $8 billion). This will make it the world's largest Ethereum corporate holder, and the second largest overall Ministry of Cryptocurrency, after MicroStrategy's Bitcoin Stash alone.
Bitmine's stock price has risen by more than 520% on a YTD basis, but has risen by 707% over the past six months. BMNR prices have dropped 16% over the past five days as Crypto Market printed the Red Index. The stock closed at $43.62 in the last trading session.
