As Ethereum (ETH) steadily approaches its all-time excessive (ATH), some trade leaders consider that the second-largest cryptocurrency by market capitalization shouldn’t be fully benefiting from natural demand. Reasonably, it’s being “propped up” by Korean traders trying to make a fast buck.
Ethereum Being Held Up By Korean Traders?
In an X submit earlier in the present day, crypto entrepreneur Samson Mow made some fascinating observations on ETH’s present value trajectory. The crypto govt attributed ETH’s present heightened value to Korean retail traders.
Particularly, Mow said that roughly $6 billion price of Korean retail capital is supporting Ethereum costs. Mow blamed ETH influencers who’re reportedly touring to South Korea to market the digital asset to retail traders.
As well as, the founding father of AQUA Pockets mentioned ETH traders usually are not absolutely conscious of the ETH/BTC chart, and are underneath the misunderstanding that they’re shopping for the “subsequent Technique.” He cautioned that it’s going to not finish properly for ETH traders.
To recall, Technique is the main public firm in relation to the quantity of Bitcoin (BTC) held on its steadiness sheet. Based on information from Coingecko, Technique presently holds 640,031 BTC, price greater than $48 billion at prevailing market costs.
With regards to Ethereum-based treasury companies, BitMine leads the pack, holding greater than 2.5 million ETH price roughly $12.4 billion. Different companies like SharpLink Gaming (838,728 ETH), Coinbase ((136,782 ETH), Bit Digital (120,306 ETH), and ETHZilla (102,246 ETH) spherical up the highest 5 within the record.
There are a number of indicators that the Ethereum buying and selling market in South Korea could also be reaching overbought ranges. As an illustration, the ETH “Kimchi premium” surged to 1.93 on October 5, a big surge from -2.06 noticed in July 2025 when the cryptocurrency traded beneath $3,000.
For the uninitiated, the Kimchi premium refers back to the value distinction the place cryptocurrencies commerce at larger costs on South Korean exchanges in comparison with world markets. This premium arises from sturdy native demand, restricted capital circulate out of Korea, and regulatory limitations that forestall straightforward arbitrage between Korean and worldwide exchanges.
On-Chain Information Recommend Robust Demand For ETH
In distinction to Mow’s opinion, on-chain information exhibits that each institutional and retail demand for ETH shouldn’t be exhibiting any indicators of slowing down. BitMine continues to stack ETH regardless of it buying and selling near its ATH territory.
On the identical time, ETH-based exchange-traded funds (ETFs) proceed to draw an rising quantity of inflows. Just lately, US-based spot ETH ETFs attracted file inflows price $547 million. At press time, ETH trades at $4,701, up 4.4% previously 24 hours.
Featured picture from Unsplash.com, chart from TradingView.com
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