Bitcoin Kimchi Premium Returns in South Korea, Longest Streak Since Early May

Bitcoin has once again developed a "kimchi premium" in South Korea, according to data from the country's largest exchange. Upbit's bitcoin price in Korean won is running roughly 1% above Binance's dollar-denominated price, and the gap has persisted for a week — the longest such stretch since early May. Bitcoin traded near $79,000 in early September after briefly topping $80,000 in August. Meanwhile, US spot bitcoin ETFs recorded net inflows of about $1.92 billion in the week of Aug 17, the strongest weekly showing in ten months, followed by another $923 million in the week ending late August. Upbit data shows bitcoin spent most of the summer trading at a discount in South Korea versus international prices. The discount reached 3.1% in early June and averaged 0.25% in August. 10x Research said the Korean premium has turned positive, but spot trading volume has not increased in tandem.