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As Ethereum (ETH) steadily approaches its all-time high (ATH), some industry leaders believe that the second-largest cryptocurrency by market capitalization is not entirely benefiting from organic demand. Rather, it is being “propped up” by Korean investors looking to make a quick buck.

Ethereum Being Held Up By Korean Investors?

In an X post earlier today, crypto entrepreneur Samson Mow made some interesting observations on ETH’s current price trajectory. The crypto executive attributed ETH’s current heightened price to Korean retail investors.

Specifically, Mow stated that approximately $6 billion worth of Korean retail capital is supporting Ethereum prices. Mow blamed ETH influencers who are reportedly traveling to South Korea to market the digital asset to retail investors.

In addition, the founder of AQUA Wallet said ETH investors are not fully aware of the ETH/BTC chart, and are under the false impression that they are buying the “next Strategy.” He cautioned that it will not end well for ETH investors.

To recall, Strategy is the leading public company when it comes to the amount of Bitcoin (BTC) held on its balance sheet. According to data from Coingecko, Strategy currently holds 640,031 BTC, worth more than $48 billion at prevailing market prices.

When it comes to Ethereum-based treasury firms, BitMine leads the pack, holding more than 2.5 million ETH worth approximately $12.4 billion. Other firms like SharpLink Gaming (838,728 ETH), Coinbase ((136,782 ETH), Bit Digital (120,306 ETH), and ETHZilla (102,246 ETH) round up the top five in the list.

There are several signs that the Ethereum trading market in South Korea may be reaching overbought levels. For instance, the ETH “Kimchi premium” surged to 1.93 on October 5, a significant surge from -2.06 observed in July 2025 when the cryptocurrency traded below $3,000.

For the uninitiated, the Kimchi premium refers to the price difference where cryptocurrencies trade at higher prices on South Korean exchanges compared to global markets. This premium arises from strong local demand, limited capital flow out of Korea, and regulatory barriers that prevent easy arbitrage between Korean and international exchanges.

On-Chain Data Suggest Strong Demand For ETH

In contrast to Mow’s opinion, on-chain data shows that both institutional and retail demand for ETH is not showing any signs of slowing down. BitMine continues to stack ETH despite it trading close to its ATH territory.

At the same time, ETH-based exchange-traded funds (ETFs) continue to attract an increasing amount of inflows. Recently, US-based spot ETH ETFs attracted record inflows worth $547 million. At press time, ETH trades at $4,701, up 4.4% in the past 24 hours.

Featured image from Unsplash.com, chart from TradingView.com

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Following the Bitcoin halving in April, analysts and investors remain on the edge of their seats in anticipation of a major price breakout by the maiden cryptocurrency. While Bitcoin did rise to $71,443 in the past week, the token soon suffered a retracement falling as low as $66,936.  Interestingly, renowned analyst with X handle Rekt Capital has provided an interesting insight into this recent price movement and also predicted the period BTC may finally embark on a highly-anticipated bullish run. 

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Bitcoin To Consolidate For A Long Time – Analyst

In a series of X posts on May 24, Rekt Capital noted that after the halving event, Bitcoin entered the “post-halving danger zone”, a period during which the token lost about 11% of its value. Following this phase, the most-priced cryptocurrency attempted a breakout which encountered a rejection at the range high zone ($71,500) of the macro re-accumulation range.

#BTC

Since the Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to $71500

However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from

The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe

— Rekt Capital (@rektcapital) May 24, 2024

For context, this range represents a long-term consolidation phase where Bitcoin accumulates value before potentially breaking out to new highs. Rekt Capital states that Bitcoin being rejected at the $71,500 price region is quite expected as BTC never breaks through the high side of the re-accumulation range on the first attempt after halving. 

Based on historical price data, Rekt Capital anticipates Bitcoin will now remain in consolidation for multiple weeks until 160 days after halving before finally experiencing its major price breakout in September. During this time, the premier cryptocurrency is expected to trade between $60,000 and $70,000 which will result in variations in the portfolio valuation for long-term investors. 

However, this price consolidation can also present opportunities for these investors to buy Bitcoin near the lower boundary of the range thus consistently accumulating at relatively stable prices. Meanwhile, short-term traders such as swing traders or day traders are likely to capitalize on these expected price fluctuations between an established support and resistance which could result in significant profit.

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BTC Price Overview 

Bitcoin is currently trading at $68,720, marking a 2.27% gain in the last day, a 2.31% gain over the past week, and a 6.90% increase in the last month. Despite these gains, its daily trading volume has dropped by 45.68%, now valued at $24 billion. BTC is also 6.94% below its all-time high of $73,750. The recent price rise amid declining trading volume suggests cautious investor sentiment, with Bitcoin consolidating within a narrow range as the crypto market leader once again approaches significant resistance levels.

Featured image from The Economic Times, chart from Tradingview