Overview

• Mow alleges roughly $6 billion from South Korean retail investors is supporting companies that accumulate ether as a balance‑sheet asset modeled on corporate crypto treasuries.
• He claims ETH promoters have been flying to Seoul to pitch the “next Strategy play” to retail traders and warns the trend may end poorly.
• Reports citing the Strategic ETH Reserve say 67 entities, including BitMine and SharpLink, hold about 5.49 million ETH, or roughly 4.5% of supply, with independent verification limited.
• Market context shows Ethereum underperforming, remaining below its prior $4,946 peak and losing more than 5% versus Bitcoin on the ETH/BTC ratio over the past year.
• Regional signals point to strong Korean participation, with an Ether Kimchi premium near 1.93 and heavy activity on Upbit and Bithumb, as analyst views diverge from Andrew Kang’s skepticism to Geoff Kendrick’s cautious support.