10X Research: Korean retail traders have bought more than $12 billion worth of US crypto stocks this year

Data shows that individual investors in South Korea, who have been active in cryptocurrency investing, are expanding their investment scope and buying crypto-related stocks listed in the United States. 10x Research said that Korean retail investors have purchased more than $12 billion of U.S. crypto stocks this year, including Bitmine, Circle and Coinbase.
In August alone, South Korean investors bought $426 million in Bitmine, $226 million in Circle and $183 million in Coinbase shares. They also bought $282 million in a 2x Ethereum ETF. "South Korean investors are pouring billions into crypto stocks and are reshaping global capital flows, and Wall Street has to pay attention," 10x Research noted. Stablecoin legislation in the U.S. and South Korea also provides a strong backdrop for the influx of capital. "
The trend is different from a few years ago, when South Korean retail investors mainly flocked to US tech giants such as Tesla and Nvidia. Crypto shares fell on the back of the Federal Reserve's delayed interest rate cut, but it did not dent investor demand. In the five days since August 25, South Korean retail investors bought a net $96.87 million of Bitmine shares and $32.44 million of Circle shares, according to data from the Korea Securities Depository Corporation. 10x Research notes that in South Korea, everything is a trend trade. And trends can change quickly.