The post Tesla ditched by South Korean traders over crypto appeared on BitcoinEthereumNews.com. The global economy is still adjusting and dealing with the aftereffects of US President Trump’s tariffs. Amid all the volatilities, South Korea’s army of retail traders is reportedly cashing out of Tesla Inc. Local investors dumped a net $657 million of the carmaker’s shares in August. This has been seen as the biggest monthly outflow since early 2023. Once among Tesla’s most loyal global backers are now heading into riskier bets, choosing the crypto market. This includes pulling shares of BitMine Immersion Technologies Inc., a U.S. firm that’s become a proxy for Ethereum. However, the firm stock saw net inflows of $253 million from Korean retail traders. Korean retail exodus hits Tesla stock An unexpected shift in the traders’ mood highlights the waning faith in Tesla’s AI promises and growing appetite for higher-octane bets. Meanwhile, South Korean investors’ buying sprees had amplified Tesla’s rallies through the pandemic boom, but now they are looking for something else. The report mentioned that a 33-year-old investor who first bought Tesla shares in 2019 but sold out this year to chase newer plays. He stated that “It has failed to lead with its own AI narrative.” Tesla’s share price is up by more than 17% over the last 6 months, but it is still trailing by 12% on a year-to-date (YTD) basis. This suggests that the EV making giant saw a massive pump at the beginning of the year, however, it wasn’t able to keep up the momentum. Tesla share price dipped by 1.45% in the last trading session to trade at $333.86. Ethereum mania lifts BitMine The timing isn’t accidental, as Ethereum has outperformed Bitcoin lately. In fact, Ether linked ETFs are pulling in more money than Bitcoin for the first time. They saw $1.5 billion in inflows in a single week compared… The post Tesla ditched by South Korean traders over crypto appeared on BitcoinEthereumNews.com. The global economy is still adjusting and dealing with the aftereffects of US President Trump’s tariffs. Amid all the volatilities, South Korea’s army of retail traders is reportedly cashing out of Tesla Inc. Local investors dumped a net $657 million of the carmaker’s shares in August. This has been seen as the biggest monthly outflow since early 2023. Once among Tesla’s most loyal global backers are now heading into riskier bets, choosing the crypto market. This includes pulling shares of BitMine Immersion Technologies Inc., a U.S. firm that’s become a proxy for Ethereum. However, the firm stock saw net inflows of $253 million from Korean retail traders. Korean retail exodus hits Tesla stock An unexpected shift in the traders’ mood highlights the waning faith in Tesla’s AI promises and growing appetite for higher-octane bets. Meanwhile, South Korean investors’ buying sprees had amplified Tesla’s rallies through the pandemic boom, but now they are looking for something else. The report mentioned that a 33-year-old investor who first bought Tesla shares in 2019 but sold out this year to chase newer plays. He stated that “It has failed to lead with its own AI narrative.” Tesla’s share price is up by more than 17% over the last 6 months, but it is still trailing by 12% on a year-to-date (YTD) basis. This suggests that the EV making giant saw a massive pump at the beginning of the year, however, it wasn’t able to keep up the momentum. Tesla share price dipped by 1.45% in the last trading session to trade at $333.86. Ethereum mania lifts BitMine The timing isn’t accidental, as Ethereum has outperformed Bitcoin lately. In fact, Ether linked ETFs are pulling in more money than Bitcoin for the first time. They saw $1.5 billion in inflows in a single week compared…