Korean Investors Ditch Bitcoin for AI Chips as Stock Market Soars

For years, South Korea was known as the global hub of crypto speculation. It was a place where digital coins traded at a premium, and where retail investors could move markets overnight. The phenomenon of the “Kimchi Premium” became synonymous with the nation’s obsession with cryptocurrencies. However, by late 2025, the narrative had shifted.

The once-thriving crypto trading scene in South Korea has quieted down significantly. Major exchanges like Upbit and Bithumb have seen a dramatic decrease in trading volumes, with Upbit’s daily volumes dropping by almost 80% from a year ago. The days of frenetic trading activity and wild volatility have been replaced by a subdued market environment.

Data from analytics provider Dune reveals that the drop in crypto trading activity is stark when compared to the peak in 2018, with daily deposits on Korean exchanges plummeting. The crypto charts that were once a nightly national pastime have now gone silent.

However, the void left by the decline in crypto trading activity has been filled by a new speculative frenzy in the Korean stock market. The KOSPI index has experienced a remarkable surge, climbing over 70% year-to-date and setting multiple record highs. The rally has been driven by AI-linked giants like Samsung Electronics and SK hynix, reflecting a shift in investor sentiment towards semiconductor stocks.

The rise of AI as a global growth narrative has positioned Korean firms like SK hynix and Samsung as key players in the AI hardware supply chain. Their dominance in high-bandwidth memory technology has made them essential components of the AI ecosystem. Additionally, government reforms aimed at revitalizing domestic markets have contributed to the bullish sentiment in Korean equities.

The retail euphoria that once fueled the crypto market has spilled over into the stock market, with a surge in trading accounts and increased retail participation. Margin lending, leveraged ETFs, and retail positions have all seen a significant uptick, reflecting a reallocation of risk appetite rather than a retreat from speculation.

While the shift from crypto to equities has revitalized the Korean stock market, it has also had repercussions for the global crypto market. Without Korean retail traders as a liquidity anchor, meme coin rallies have lost momentum, and the broader market is in need of a catalyst.

Looking ahead, while Korean retail traders have shifted their focus from cryptocurrencies to stocks, history suggests that they may return to the crypto market when the next major narrative emerges. For now, Korea’s retail traders have found a new arena for speculation, swapping blockchains for circuit boards in pursuit of the next adrenaline rush. If you are in the market for a new car, you may be overwhelmed by the numerous options available to you. From compact sedans to spacious SUVs, there are countless choices to consider. One type of vehicle that has been gaining popularity in recent years is the electric car.

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