The Bitcoin kimchi premium in the South Korean market has reappeared: it has been positive for a week, setting the longest record since May

Bitcoin has reappeared with a "kimchi premium" in the South Korean market. The price of Bitcoin in Korean won on South Korea's largest cryptocurrency exchange, Upbit, is about 1% higher than the price in US dollars on Binance. This premium has persisted for a week, marking the longest duration since early May.

At the beginning of September, Bitcoin's price was around $79,000, having briefly surpassed $80,000 in August. The net inflow into US spot Bitcoin ETFs was approximately $1.92 billion in the week of August 17, setting a new weekly high for the past 10 months; by the end of August, another $923 million 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 the discount reaching 3.1% in early June and an average discount of 0.25% in August. 10x Research indicates that while the Korean premium has turned positive, spot trading volume has not increased in tandem.