Bitcoin
South Korea's Kimchi Premium Turns Positive After Months of Stagnation
Bitcoin is trading at a roughly 1% premium on South Korean exchanges relative to global platforms, marking its longest positive streak since May.
The price spread between Bitcoin listed in Seoul and on global exchanges has turned positive, with Upbit quoting prices roughly 1% above Binance as of early September. The development marks the longest continuous positive stretch for the South Korean price differential, commonly known as the kimchi premium, since early May.
The premium measures local demand relative to global markets, having previously surpassed 10% in March 2024 before sinking below zero in mid-January 2026. Rachael Lucas of BTC Markets noted that domestic retail traders tend to buy aggressively when market risk appetite returns.
However, Markus Thielen of 10x Research pointed out that the positive gap has not been accompanied by meaningful increases in South Korean spot volume, suggesting the country is not the primary driver of the broader market. Bitcoin traded near $79,000, with wider market strength largely driven by inflows into U.S. exchange-traded funds since mid-August.
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