South Korean retail investors recently sold a significant amount of Tesla stock, netting $657 million in August. This marks the largest outflow since early 2023 and coincides with growing interest in cryptocurrencies. According to Bloomberg, these withdrawals stemmed from Tesla’s most dedicated customers shifting their investments towards cryptocurrency projects like Bitmine Immersion Technologies, which attracted $253 million in net inflows during the same period. TSLL, a double-leveraged ETF providing exposure to Tesla, also experienced its largest monthly outflow since early 2024, losing $554 million. Despite this sell-off, Korean investors still hold substantial Tesla stock, totaling $21.9 billion and making it their biggest foreign investment after Nvidia and Palantir. Their interest in American tech giants has declined noticeably, with net purchases of companies like Apple and Alphabet declining from an average of $1.68 billion in January to a mere $260 million in July. This suggests that loyal global customers are losing interest in these established companies. Interestingly, Korean investors’ portfolios have surged to 31.5% in crypto-related investments as of early 2025, up from just 8.5% in January 2025.