On December 26th, CryptoQuant analyst Joo Hyun Ryu posted that during the recent market downturn, speculative short-term holders' exposure to bitcoin has increased, especially driven by South Korean demand. The "kimchi premium", which measures the price gap between Korean exchanges and other exchanges, reached a local high of 5.12, indicating strong local demand. The rise in buying interest from South Korean investors indicates that the region is optimistic about the outlook for bitcoin, despite mixed signals from global markets.
Previously, South Korean cryptocurrency investors broke through 15 million recognition in November. According to data submitted by the Bank of Korea, as of the end of November, a total of 15.59 million Koreans had accounts on the top five cryptocurrency exchanges in the country (Upbit, Bithumb, Coinone, Korbit, and GOPAX).
CryptoQuant Analyst: BTC "Kimchi Premium" Hits Local High, Indicating Strong Demand from Korean Investors
2024-12-26 05:40:55
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