Bitcoin is trading at a premium again in South Korea, with the gap staying positive for a full week in its longest such run since early May. On Sept. 1, the BTC price in Korean won on Upbit, the country’s largest crypto exchange, stood about 1% above Binance’s dollar-denominated price, according to a Bloomberg-cited Odaily report. The move marks a reversal from much of the summer, when Bitcoin traded at a discount in Korea versus international markets. Upbit data showed that discount widened to 3.1% in early June, while the average discount in August was 0.25%.
The report also said Bitcoin was trading around $79,000 at the start of September after briefly rising above $80,000 in August. At the same time, U.S. spot Bitcoin ETFs drew about $1.92 billion in net inflows in the week of Aug. 17, the strongest weekly intake in 10 months. Another $923 million flowed in during the week through the end of August. Even so, 10x Research said the return of Korea’s premium has not been matched by a comparable rise in spot trading volume.
Bitcoin’s so-called “Kimchi premium” has returned in South Korea.
According to an Odaily report citing Bloomberg, Bitcoin on Sept. 1 was trading at about a 1% premium on Upbit, South Korea’s largest cryptocurrency exchange, compared with Binance’s U.S. dollar price. The premium has remained positive for a week, the longest stretch since early May.
Korea market shifts back into premium
Upbit data showed that Bitcoin spent most of the summer trading at a discount in South Korea versus international markets. That discount reached 3.1% in early June, and averaged 0.25% in August.
The report added that Bitcoin was trading around $79,000 at the start of September after briefly moving above $80,000 in August.
ETF inflows rose, but spot volume did not follow
U.S. spot Bitcoin exchange-traded funds logged about $1.92 billion in net inflows in the week of Aug. 17, the highest weekly total in 10 months. They then attracted another $923 million in the week through the end of August.
10x Research said that while the Korea premium has turned positive again, spot trading volume has not increased at the same pace.
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