South Korea's Bitcoin Kimchi Premium Reemerges, Lasting a Week for the Longest Streak Since May

The Bitcoin Kimchi premium has reappeared in the South Korean market. On September 1, the price of Bitcoin in Korean won on Upbit, South Korea's largest cryptocurrency exchange, was approximately 1% higher than the price in US dollars on Binance. This premium has lasted for a week, marking the longest duration since early May. At the beginning of September, Bitcoin was priced around $79,000, having briefly surpassed $80,000 in August. During the week of August 17, net inflows into US spot Bitcoin ETFs reached approximately $19.2 billion, the highest weekly total in 10 months; by the end of August, another $9.23 billion flowed in. Data from Upbit shows that for most of this summer, Bitcoin was trading at a discount in the South Korean market compared to international prices, with a discount of 3.1% at the beginning of June and an average discount of 0.25% in August. 10x Research noted that while the premium in South Korea has turned positive, the spot trading volume has not increased in tandem.

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