TechFlow, Sept. 1 — According to Jinshi Data, as enthusiasm for electric vehicle maker Tesla wanes and interest in cryptocurrencies rises, South Korean retail investors are losing confidence in Tesla shares, increasing their sell-off last month.
Based on calculations from depository data, South Korean individual investors net sold $657 million worth of Tesla stock in August, the largest outflow since at least early 2023. Investors are now turning to more volatile assets, such as Bitmine Immersion Technologies Inc., seen as a proxy for Ethereum, which attracted $253 million in net inflows.
Analysts say this indicates weakening enthusiasm among one of Tesla’s most loyal global retail investor bases. Their buying surges had previously amplified Tesla's stock rebound. Traders in South Korea, long drawn to well-known U.S. tech firms like Tesla, are now shifting their capital elsewhere.
