Bitcoin's "kimchi premium" has reappeared in the South Korean market, marking its longest positive streak since early May at one week

Odaily News: Bitcoin has once again shown a "kimchi premium" in the South Korean market. On September 1, the price of Bitcoin on Upbit, South Korea's largest cryptocurrency exchange, was approximately 1% higher in Korean won compared to Binance's dollar price. This premium has persisted for one week, marking the longest duration since early May.

Bitcoin was priced at around $79,000 in early September, briefly surpassing $80,000 in August. U.S. spot Bitcoin ETFs saw net inflows of approximately $1.92 billion in the week of August 17, the highest single-week total in ten months; an additional $923 million flowed in during the week ending at the end of August.

According to Upbit data, Bitcoin traded at a discount to international prices in the South Korean market for most of the summer, reaching a discount of 3.1% in early June and averaging a 0.25% discount in August. 10x Research noted that the premium in South Korea has turned positive, but spot trading volumes have not increased correspondingly. (Bloomberg)