CandleFocus Bitcoin’s Surge Leaves South Korea Behind: Kimchi Premium Fades
2024-10-29
Author: Content Editor
Despite Bitcoin's surge past $70,000, South Korean retail investors are showing limited interest, as indicated by the low kimchi premium and negative Korea Premium Index. The kimchi premium, which measures the difference in Bitcoin's price between South Korea and global exchanges, has dropped below 2%, indicating a decrease in retail interest. The Korea Premium Index has also fallen to almost 1% lows, suggesting that Bitcoin is trading at a discount on South Korean exchanges. This lack of local demand and possible capital restrictions may be contributing to the subdued retail interest. On the other hand, institutional interest in Bitcoin is growing in other markets, particularly the United States, with custodial wallets revealing that institutional demand is now twice that of retail. This is evidenced by the significant inflows of BTC into whale wallets and U.S. spot ETFs, with large investors showing confidence in Bitcoin's long-term potential.
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