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10x Research: South Korean Retail Traders Have Already Bought Over $12 Billion Worth of US Crypto Company Stocks This Year
BlockBeats News, August 31st, data shows that individual investors in South Korea, who have been actively involved in cryptocurrency investment, are expanding their investment scope by heavily purchasing cryptocurrency-related stocks listed in the US. 10x Research indicates that South Korean retail investors have purchased over $12 billion worth of US stock in cryptocurrency companies this year, including Bitmine, Circle, and Coinbase.
In August alone, South Korean investors bought $426 million worth of Bitmine, $226 million worth of Circle, and $183 million worth of Coinbase stocks. They also bought $282 million worth of a 2x Ethereum ETF. 10x Research points out: "South Korean investors are pouring billions of dollars into cryptocurrency stocks, reshaping global fund flows, prompting Wall Street's attention. The stablecoin legislation in the US and South Korea has also provided a strong background for this wave of capital influx."
This trend is different from a few years ago when South Korean retail investors mainly flocked to US stock tech giants like Tesla and Nvidia. Due to the impact of the US Federal Reserve's delayed interest rate cut, cryptocurrency stock prices have fallen, but this has not dampened investors' demand. Data from a South Korean securities depository company shows that in the five days since August 25th, South Korean retail investors have netted a purchase of $96.87 million worth of Bitmine stocks and $32.44 million worth of Circle stocks. A report from 10x Research indicates that in South Korea, everything is trend trading. And trends can change rapidly.
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