Bitcoin advocate Samson Mow has sparked debate within the cryptocurrency community by asserting that Korean retail investors are significantly influencing the price of Ether (ETH) through investments in Ethereum treasury firms. In a recent post on X, Mow claimed that approximately $6 billion of Korean retail capital is currently bolstering these firms.
Mow's comments highlight the growing trend of companies accumulating Ether as a balance-sheet asset, mirroring MicroStrategy's strategy with Bitcoin. He suggests that "ETH influencers" are actively marketing to retail investors in South Korea, encouraging them to invest in these Ethereum treasury companies, which are being presented as the "next MicroStrategy". These investors, known locally as "seohak gaemie" (ants), are those who primarily invest in overseas markets.
This influx of retail investment has raised concerns about the sustainability of Ether's price. Mow warned that this enthusiasm, potentially built on "financial illiteracy," could backfire, especially as Ethereum's performance continues to lag behind Bitcoin's. As of October 6, 2025, ETH has slipped approximately 1.9% in the past 24 hours and is down roughly 5% against Bitcoin over the past month.
The South Korean cryptocurrency market has seen substantial growth, with the market size nearly doubling to $77.5 billion in the latter half of last year. A significant portion of the South Korean population, approximately 20%, is now involved in cryptocurrency trading. This surge in retail interest has been attributed to various factors, including the country's advanced digital economy, high internet speeds, and a culture that quickly embraces new trends.
However, recent reports suggest a shift in the South Korean crypto landscape. While user numbers continue to grow, deposits in Korean Won have decreased, indicating a potential decline in new capital entering the market. Additionally, there's a growing trend of South Koreans turning to overseas exchanges, with domestic platforms experiencing a drop in trading volumes.
The Ethereum treasury strategy involves companies accumulating ETH, similar to how some firms hold Bitcoin. Data from Strategic ETH Reserve indicates that 67 entities collectively hold about 5.49 million ETH, representing approximately 4.5% of the total supply. BitMine, chaired by Tom Lee, is a prominent example, having acquired 179,251 ETH tokens in the past week. In August alone, Korean retail investors reportedly sold $721 million of Tesla stock and invested $269 million into BitMine.
Despite the enthusiasm surrounding Ethereum treasuries, some analysts have expressed skepticism. Mechanism Capital co-founder Andrew Kang has criticized what he deems "undisciplined treasury models," suggesting they lack the financial structure of successful Bitcoin-holding firms. Kang also noted the technicals for Ethereum are bearish, and that ETH's long-term range could remain between $1,000 and $4,800 without a major change in fundamentals.
The concentration of capital from Korean retail investors has created a narrative bubble around ETH, even as alternative blockchains gain traction. While some anticipate Ethereum reaching new all-time highs, others, like Mow, believe investors will eventually return to Bitcoin. He has even advised ETH holders to move their investments into Bitcoin, suggesting that Ethereum's rally is nearing its peak.
The situation remains dynamic, with the South Korean cryptocurrency market continuing to evolve. Whether the influence of Korean retail investors will sustain Ethereum's price or whether a shift back to Bitcoin will occur remains to be seen.
