Is Korean retailers the only thing to keep Ethereum finance company alive?

Ethereum’s continued underperformance against Bitcoin has rekindled debate about what holds assets and what lies behind its demand.

According to Bitcoin supporter Samson Mow, roughly $6 billion in South Korea’s retail money supports the so-called Ethereum finances, and companies are accumulating ETH as a micro-Stratejute Bitcoin strategy. Mow issued a bill in an October 5th post on X, claiming that “ETH influencers” had flew to Seoul for court retail traders chasing their next “strategic play.”

As of October 6th, ETH has slipped about 1.9% over the past 24 hours, and has dropped by about 5% against Bitcoin over the past month, according to Coinmarketcap. Mow said the weakness suggests that short-term retail enthusiasm, not institutional beliefs, is sustaining Ethereum’s reputation.

According to data from Strategic ETH Reserve, 67 entities, including Bitmine and Sharplink, collectively hold about 5.49 million ETH (approximately $25 billion), or 4.5% of their total supply.

Mow believes that much of this exposure claims that much of it has poured into South Korean retail investors, known locally as Seohak Gaemie, that they have poured around $6 billion into the Ethereum Treasury Company. He claims that promoters are selling these companies as “next micro-tactics,” and invites traders looking for a simple analog to Bitcoin’s corporate accumulation playbook.

“Many of these investors have zero ideas about ETH/BTC charts and think they are buying their next strategic deal.”

He warned that enthusiasm built on “financial illiteracy” could backfire, especially as Ethereum continues to lag behind Bitcoin in its relative performance.

Ethereum’s price performance reflects concerns. Despite regular influx and new story pushes, ETH continues to be weaker against Bitcoin, below its previous all-time high of $4,946. The ETH/BTC ratio has declined by more than 5% over the past year, reinforcing the perception that much of Ethereum’s market capitalization support is narrative-driven, rather than based on basic growth or institutional adoption.

Mow’s critique coincides with comments from Andrew Kang, co-founder of Mechanims Capital. AndrewKang also questions the financial logic behind the Ethereum-based Treasury Department. Kang pointed out projects like Tomley’s Bitmine as an example of a “undisciplined financial model” that lacks the financial structure found in successful Bitcoin Hold companies. “Ethereum’s technology is bearish,” Kang said, adding that the long-term range of ETH could remain between $1,000 and $4,800 without any major changes to the foundation.

Kang concluded that Ethereum’s assessment “resources primarily from financial illiteracy,” and compared its speculative momentum to XRP’s historic gatherings. He argued that retail hype could maintain a large market capitalization for some time, but it was not a durable foundation. “The evaluations that can be obtained from financial illiteracy are not endless.”

Whether South Korea’s retail demand will become a new structural pillar of Ethereum or the last breath of a waning narrative may depend on the duration of the “ETH Treasury” story that can overtake the charts.

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