South Korean investors emerge as key drivers of Ethereum’s price momentum
South Korean retail investors are rapidly becoming one of the biggest forces behind Ethereum’s ongoing price rally, according to industry leaders. As Ether (ETH) trades roughly 7% below its all-time high, analysts say that local buying pressure is significantly influencing both spot prices and institutional treasury accumulation.
Samson Mow, CEO of Bitcoin infrastructure firm Jan3, said this week that around $6 billion in Korean retail capital is currently sustaining Ether’s valuation, pushing its price and treasury demand higher.
“ETH influencers have been flying to South Korea just to market to retail,” Mow said on X. “These investors have zero idea about the ETH/BTC chart and think they’re buying the next Strategy play. This won’t end well.”
The only thing keeping ETH at these levels is the Korean retail investor, specifically the seohak gaemie (서학개미). There’s around $6 billion dollars (dollars, not KRW) of Korean retail capital propping up the Ethereum treasury companies.
Retail Exchanges and the “Kimchi Premium” Signal Surge in Activity
Data from CoinGlass shows South Korea’s Upbit ranked among the world’s top 10 exchanges for Ether futures, with $1.29 billion in trading volume last week. Alongside Bithumb, these platforms dominate local crypto activity, often outpacing global averages.
Ethereum futures trading volume.
The “Kimchi premium” — a price gap showing higher ETH prices on Korean exchanges — has climbed from -2.06% in July to nearly 2% in early October, according to CryptoQuant. The premium highlights strong retail demand and speculative enthusiasm within South Korea’s crypto market.
Experts Highlight Broader Global Capital Base
While retail investors are clearly a driving factor, analysts caution against overstating their role. Marcin Kazmierczak, co-founder of blockchain oracle firm RedStone, noted that Ethereum’s capital structure remains globally diversified, supported by U.S. ETFs, DeFi ecosystems, and corporate treasuries.
“Characterizing Korean retail as the sole support for Ethereum understates its global capital foundation,” Kazmierczak said. “Ethereum’s true strength lies in its borderless investor mix.”
Skepticism Over Ether Treasury Model
Some investors remain doubtful of the sustainability of Ether treasury firms. Andrew Kang of Mechanism Capital argued that Ethereum’s valuation is often inflated by “financial illiteracy” and speculative trends, warning that without structural improvements, the asset could face “long-term underperformance.”
Despite criticism, Ether continues to attract both retail and institutional demand, reinforcing its position as the world’s leading smart contract network.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss
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