Exploring Ethereum’s Rise: The Role of Korean Investors
Ethereum, the second-largest cryptocurrency by market cap, is navigating its way toward its all-time high (ATH). However, some experts suggest that this rise is not solely powered by organic demand. Instead, Korean investors might be playing a significant role in supporting Ethereum’s price, potentially aiming for rapid gains.
Are Korean Investors Boosting Ethereum’s Price?
Recently, a notable crypto entrepreneur, Samson Mow, shared intriguing insights into Ethereum’s current price movement. His analysis suggests that Korean retail investors are a key factor driving the cryptocurrency’s recent price surge.
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According to Mow, approximately $6 billion of Korean retail investment is bolstering Ethereum’s price. He also pointed fingers at Ethereum influencers who are reportedly promoting the digital asset in South Korea, potentially targeting retail investors.
Furthermore, the founder of AQUA Wallet expressed concerns that ETH investors might not fully grasp the ETH/BTC chart and may mistakenly believe they are investing in the “next Strategy.” This misconception, he warned, could lead to unfavorable outcomes for these investors.
To put things into perspective, Strategy is a prominent public company renowned for its substantial Bitcoin holdings. Based on Coingecko data, Strategy possesses 640,031 BTC, valued at over $48 billion at current market prices.
When considering Ethereum-based treasury firms, BitMine stands out, possessing more than 2.5 million ETH, which is approximately valued at $12.4 billion. Other notable firms include SharpLink Gaming (838,728 ETH), Coinbase (136,782 ETH), Bit Digital (120,306 ETH), and ETHZilla (102,246 ETH), making up the top five holders.
There are indications that the Ethereum market in South Korea may be approaching overbought conditions. For example, the ETH “Kimchi premium” reached 1.93 on October 5, a significant increase from -2.06 in July 2025, when the cryptocurrency was trading below $3,000.
For those unfamiliar, the Kimchi premium refers to the price disparity where cryptocurrencies are priced higher on South Korean exchanges compared to international markets. This premium is driven by robust local demand, restricted capital flow out of Korea, and regulatory barriers that hinder easy arbitrage between Korean and global exchanges.
On-Chain Data: A Different Perspective on Ethereum Demand
Contrary to Mow’s viewpoint, on-chain data reveals that both institutional and retail demand for Ethereum remains robust. BitMine, for instance, continues accumulating ETH even as it approaches its ATH.
Additionally, Ethereum-based exchange-traded funds (ETFs) are witnessing a surge in inflows. Recently, US-based spot ETH ETFs recorded inflows worth $547 million, marking a new record. As of now, Ethereum is trading at $4,701, reflecting a 4.4% increase in the past 24 hours.
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