Ethereum Faces Selling Risk as Korea Stocks Plunge

| coinpaper.com
Ethereum faces short-term selling risks after South Korea’s KOSPI fell more than 6% on October 13, triggering a temporary halt to program trading. Fundstrat co-founder and BitMine chair Tom Lee warned that margin calls could force leveraged stock investors to sell assets such as Ethereum to raise cash, though there is no confirmation of significant Korea-linked ETH selling. ETH traded around $2,520–$2,530, down more than 6% over seven days. U.S. spot Ethereum ETFs saw $85.4 million in net outflows on October 12, including $75.1 million from BlackRock’s ETHA, following about $542 million in outflows the previous week. Traders are watching support around $2,400–$2,450 and resistance near $2,600; a break below support could bring $2,200 into focus. BitMine said it bought 12,532 ETH in the week ending October 11, taking its holdings to 6,028,946 ETH, or about 4.9% of estimated circulating supply. It has also staked 5.07 million ETH. The company is nearing its 5% target, so its buying could slow. For Ethereum traders, equity-market stress and ETF withdrawals are near-term headwinds, while BitMine’s holdings and accumulation provide a counterweight; the potential spillover from Korean equities remains unconfirmed.
Bearish
The near-term balance of risks for ETH is bearish. South Korea’s sharp equity-market decline raises the possibility that margin calls could prompt leveraged investors to sell liquid assets, while spot Ethereum ETF outflows and ETH’s more-than-6% weekly decline point to weak demand and fragile sentiment. If ETH loses the $2,400–$2,450 support zone, traders may focus on the lower $2,200 level, potentially amplifying volatility through stop-losses and reduced risk exposure. However, the proposed Korea-to-crypto selling channel is unconfirmed, so it should be treated as a risk rather than established selling pressure. BitMine’s sizable holdings, staking and recent purchase of 12,532 ETH offer a counterweight, but the company’s approach to its 5% target could mean slower future buying. Over the longer term, the news alone does not establish a lasting change in Ethereum’s fundamentals; price direction will depend on whether ETF outflows persist, institutional demand holds up and broader risk appetite stabilizes.