What are the Korean aunties buying?
Who exactly is buying these 'zombie coins'? In short: 'institutional buying' led by the U.S. and 'retail buying' led by Japan and South Korea. There's no need to elaborate on the institutional buying in the U.S.; let’s take a look at the data from our neighbor South Korea.
According to South Korean media naver.news, the number of user accounts aged 60 and above on the active crypto trading platforms Upbit and Bithumb has increased by 30.4% compared to the last bull market, reaching 770,000 accounts. Moreover, it's well known that the distribution of wealth in South Korea means that the elderly hold a total of 6.760 trillion Korean won in cryptocurrency assets, with an average investment of about 8.72 million Korean won per person. At the same time, the number of deposits in South Korean banks has also hit a new low, decreasing by 26.95 trillion Korean won since the end of June. It can be said that Koreans have withdrawn their money from banks to buy coins in a 'Kuku' manner.
Below is the trading volume list from Upbit, where you will find that BTC is only considered 'the younger brother' in this ranking. The trading volume of XRP is more than 10 times that of BTC, and projects like XLM (Stellar) and HBAR (Hedera), which are rarely seen in the Chinese-speaking community, are also prominently listed.
