Samson Mow has raised concerns about Ethereum treasury companies, which he claims are being supported by $6 billion in South Korean retail capital. Mow points out that Korean investors are redirecting funds from U.S. tech stocks into Ethereum treasury firms such as BitMine, influenced by marketing strategies that echo Bitcoin's institutional adoption. Analyst Andrew Kang also criticized optimistic Ethereum narratives, noting that despite growth in stablecoins and real-world assets, Ethereum's fees have not increased, and its price relative to Bitcoin has been declining since mid-2022. Both Mow and Kang caution that the current investment trend is driven by fear of missing out (FOMO) rather than solid fundamentals.