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ETH Key Points
Tom Lee warned that forced liquidations in the Korean market could put pressure on Ethereum. On Tuesday, the KOSPI index in Korea fell more than 6% during trading hours. Despite continued purchases by BitMine, Ethereum ETFs still lost $85.4 million. On October 13th, the price of Ethereum remained around $2,530.
The collapse of the Korean stock market has further increased downward pressure on Ethereum.
Tom Lee, co-founder of Fundstrat, warned that the sharp sell-off in Korean stocks could spread to the cryptocurrency market, thereby adding additional pressure on ETH. Previously, the KOSPI index fell more than 6%, causing significant losses for technology stocks and triggering emergency trading restrictions. Lee noted that mandatory margin calls from Korean brokers could force investors to sell other assets, including cryptocurrencies, in order to raise cash.
This warning is particularly noteworthy, as Lee serves as the chairman of BitMine. BitMine is an Ethereum-related company that currently controls approximately 4.9% of the Ethereum supply.
The decline in the Korean stock market on Tuesday was partly due to poor performance by semiconductor companies such as Samsung Electronics and SK Hynix. Lee identified two potential channels for the spread of this situation: one being forced selling by leveraged stock investors, and the other being the high level of cryptocurrency participation among Korean investors. However, these risks do not indicate that Korean investors have liquidated a large number of ETH positions.
According to market data cited in reports on Tuesday, the price of Ethereum traded between $2,520 and $2,530 per unit. Over the past seven days, the price has fallen by more than 6%. Meanwhile, the outflow of funds from US-based Ethereum ETFs continues. According to data from Farside Investors, on October 12, there was a net outflow of $85.4 million. Of this amount, $75.1 million came from BlackRock’s ETHA fund. This latest withdrawal follows a previous outflow of approximately $542 million last week, which added further pressure to the already fragile market.
BitMine holds 4.9% of Ethereum tokens, but its buying pace may slow down.
Despite the short-term warnings, Lee remains optimistic about Ethereum’s long-term prospects. On October 12, BitMine announced that after purchasing an additional 12,532 tokens, its holdings reached 6,028,946 Ethereum units. Currently, BitMine’s holdings represent 4.9% of the estimated total supply of 121.9 million units, close to its stated goal of accumulating 5% of the total supply.
BitMine also reported that it has pledged 5.07 million Ethereum units. Based on its recent yield metrics, the annualized income from these pledges is approximately $336 million. However, if the company slows down its accumulation efforts after reaching the 5% target, this could reduce one of the sources of continuous institutional buying. Previous reports have mentioned BitMine’s accumulation trends and the queue for pledging Ethereum units, both of which are closely related to supply conditions.
