Hua Er Jie Jian Wen·2025-09-03 01:41Group 1: Investment Trends - South Korean retail investors are significantly withdrawing from Tesla, with a net sell of $657 million in August, marking the largest monthly outflow since early 2019 [1] - Over the past four months, the total amount withdrawn from Tesla has reached $1.8 billion [1] - The leveraged ETF TSLL, which provides two times leverage on Tesla, also experienced a $554 million outflow in August, the largest since early 2024 [1] Group 2: Shift in Investor Sentiment - The decline in confidence among South Korean retail investors towards Tesla is attributed to growing disappointment, as they feel the company has lost its previous momentum and narrative appeal [2] - Investors are increasingly concerned that Tesla has failed to lead in its artificial intelligence narrative, prompting them to seek more promising investment opportunities [2] Group 3: Movement Towards Cryptocurrency - The funds withdrawn from Tesla are being redirected towards more volatile assets, particularly cryptocurrency-related stocks, with Bitmine Immersion (BMNR) attracting $253 million in net inflows in August [3] - BMNR is viewed as a proxy for Ethereum due to its newly launched Ethereum treasury platform, gaining significant attention from both South Korean and U.S. investors [3] Group 4: Tesla's Market Position - Despite the record outflows, Tesla remains the most popular foreign stock among South Korean retail investors, with approximately $21.9 billion still held in Tesla shares [5] - However, there are signs of declining loyalty, as retail interest in Tesla in the U.S. has diminished, with net purchases falling below half of that for Nvidia, indicating a broader challenge to Tesla's appeal among global retail investors [5]