Ethereum’s ongoing underperformance against Bitcoin has reignited debate over what’s holding the asset up, and who’s really behind its demand.

According to Bitcoin advocate Samson Mow, roughly $6 billion in South Korean retail money is now propping up so-called Ethereum treasuries, companies accumulating ETH as a balance-sheet asset echoing MicroStrategy’s Bitcoin strategy. Mow issued the claim in an Oct. 5 post on X, arguing that “ETH influencers” have been flying to Seoul to court retail traders chasing the next “strategy play.”

According to CoinMarketCap, as of Oct. 6, ETH has slipped about 1.9% in the past 24 hours and is down roughly 5% against Bitcoin over the past month. That weakness, Mow suggested, exposes how short-term retail enthusiasm, rather than institutional conviction, is sustaining Ethereum’s valuation.

Data from the Strategic ETH Reserve shows that 67 entities, including BitMine and SharpLink, collectively hold about 5.49 million ETH (roughly $25 billion), or 4.5% of the total supply.

Mow attributed much of this exposure to South Korean retail investors known locally as seohak gaemie, claiming they’ve funneled around $6 billion into Ethereum treasury companies. He argued that p

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Author: Oluwapelumi Adejumo