Alibaba’s Backing Fuels Interest in Ethereum, While South Korea’s Whales Rise to Dominance

A new project involving the Ethereum blockchain has received support from Alibaba, signaling a growing interest within the Asian tech sector in blockchain technology. The investment arm of Alibaba’s founder is reportedly behind this venture, further boosting confidence in the platform. As for South Korea, data reveals that whales there now control an impressive 91% of Ethereum holdings. These high-value investors’ dominance could significantly impact market dynamics and liquidity. This concentration raises questions about their long-term commitment to the asset and how it will influence price movements.