As Ethereum (ETH) steadily approaches its all-time excessive (ATH), some business leaders imagine that the second-largest cryptocurrency by market capitalization will not be totally 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 Buyers?
In an X post earlier right now, crypto entrepreneur Samson Mow made some attention-grabbing observations on ETH’s present worth trajectory. The crypto govt attributed ETH’s present heightened worth to Korean retail traders.
Particularly, Mow said that roughly $6 billion value 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 stated ETH traders should not totally conscious of the ETH/BTC chart, and are underneath the misunderstanding that they’re shopping for the “subsequent Technique.” He cautioned that it’ll not finish effectively for ETH traders.
To recall, Technique is the main public firm on the subject of the quantity of Bitcoin (BTC) held on its steadiness sheet. In keeping with knowledge from Coingecko, Technique presently holds 640,031 BTC, value greater than $48 billion at prevailing market costs.
In terms of Ethereum-based treasury companies, BitMine leads the pack, holding greater than 2.5 million ETH value 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 listing.
There are a number of indicators that the Ethereum buying and selling market in South Korea could also be reaching overbought ranges. For example, 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 worth distinction the place cryptocurrencies commerce at greater costs on South Korean exchanges in comparison with world markets. This premium arises from sturdy native demand, restricted capital circulation out of Korea, and regulatory boundaries that stop simple arbitrage between Korean and worldwide exchanges.
On-Chain Knowledge Counsel Robust Demand For ETH
In distinction to Mow’s opinion, on-chain knowledge reveals that each institutional and retail demand for ETH will not be displaying 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 value $547 million. At press time, ETH trades at $4,701, up 4.4% up to now 24 hours.
Featured picture from Unsplash.com, chart from TradingView.com
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