South Koreans dump Tesla for Ethereum treasury BitMine: Asia Express

The most popular US stocks in South Korea are Ethereum treasuries and crypto companies, Ant Group denies Yuan stablecoin plan. Asia Express.

South Korean retail investors are selling off their big tech shares such as Tesla and Alphabet in favor of Ethereum-related stocks, The Korea Economic Daily reported, citing data from the Korea Securities Depository.

Tesla has long been a fixture in the top net-buy rankings for Korean retail investors, but it was sold off in the past month with around 1 trillion won ($721.6 million) in net sales. Alphabet and Apple were also heavily sold, with net sales of about 230 billion won ($166 million) and 300 billion won ($216 million), respectively.

These retail investors are locally called seohak ants. Seohak translates to Western learning, but in domestic finance lingo, it refers to foreign stock investors. Ants is a local nickname for retail investors, alluding to their small size but large numbers compared to institutional whales.

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