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South Koreans Poured $1.24B Into US Tech, Crypto During the Korean Thanksgiving

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South Korean traders turned their Chuseok vacation into per week of aggressive risk-taking, funneling $1.24 billion into US tech and crypto-linked belongings whereas home markets have been closed between October 3 and 9.

Key Takeaways:

  • South Korean traders poured $1.24 billion into US tech and crypto-linked belongings throughout the Chuseok vacation week.
  • Top buys included Tesla, Meta, and Bitcoin mining shares, with leveraged ETFs main the surge.
  • The shopping for spree ended abruptly as US–China commerce tensions triggered a world market pullback.

Instead of taking break day throughout the nation’s Thanksgiving break, retail traders piled into leveraged ETFs and high-growth shares, in keeping with data from the Korea Securities Depository.

Korean Investors Flock to Tesla, Meta, and Bitcoin Miner Stocks

The hottest goal was the Direxion Daily Tesla Bull 2X ETF, a leveraged fund that amplifies Tesla’s inventory actions, with internet purchases totaling $151 million.

Other prime buys included $105 million in Iris Energy, an Australian Bitcoin mining agency; $100 million in Meta Platforms, and $96 million in Tesla shares themselves.

Another leveraged crypto play, the T-REX 2X Long BMNR Daily Target ETF, which tracks Bitmine Immersion Technologies with double publicity, ranked fifth amongst international purchases at round $95 million.

The spree adopted a robust rally in Seoul, the place the Kospi Index hit new highs earlier than the vacation amid optimism over US tech resilience and native stimulus plans.

With Korean exchanges closed, that bullish sentiment appeared to spill abroad as traders chased Wall Street’s momentum.

But timing could have labored in opposition to them. The surge in cross-border shopping for got here simply days earlier than world markets tumbled on renewed US–China commerce tensions, erasing a part of the earlier week’s features.

Analysts say it stays to be seen whether or not Korean retail merchants, recognized for his or her threat urge for food and agility, will keep such aggressive publicity.

The Kospi reopened 1.7% decrease on Monday, slipping again beneath the 3,600 degree and hinting that the Chuseok rally could have been short-lived.

South Korea Orders Crypto Exchanges to Halt Lending Services

In August, South Korea’s monetary regulator moved to rein in risky lending practices in the digital asset sector, ordering native exchanges to droop all crypto lending companies till a correct regulatory framework is established.

The crackdown got here amid South Korea’s broader pivot towards regulated crypto adoption. Authorities are lifting restrictions on institutional buying and selling and making ready to approve the country’s first spot crypto ETFs.

President Lee Jae Myung’s administration can also be working on a stablecoin framework pegged to the Korean received, signaling a extra open strategy to digital finance regardless of the newest curbs.

More not too long ago, Dunamu, the operator of South Korea’s largest cryptocurrency change Upbit, unveiled a new custody service aimed toward company and institutional shoppers, as regulatory inexperienced lights for digital asset investments spark rising demand for safe storage options.

The service shops all deposited digital belongings in chilly wallets, totally offline and insulated from internet-based threats, to defend holdings from cyberattacks and different exterior breaches.

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