South Korean traders poured $259 million into Ether-hoarding firm BitMine in July, making it the country’s most-purchased overseas stock.
South Korean retail investors are pivoting away from Big Tech stocks in the United States into high-risk, high-reward crypto-linked equities.
A Yonhap News Agency report citing data from the Korean Center for International Finance (KCIF) said the percentage of crypto-linked stocks in the top 50 net-bought stocks by South Korean investors rose from 8.5% in January to 36.5% in June before declining to 31.5% in July.
The report added that net purchases of the top US Big Tech companies dropped to $260 million in July, down 84% from a monthly average of $1.68 billion between January and April.
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