Korean bitcoin premium returns to 2%, reaching highest level since US-Iran conflict

According to CryptoQuant data, the bitcoin premium in the South Korean market has recently risen back to approximately 2%, marking a new high since the outbreak of the US-Iran conflict. The "kimchi premium" in the South Korean market is primarily driven by local demand. Due to capital controls and residency-based KYC requirements, the South Korean crypto market has remained relatively independent from the global market for an extended period.

Data shows that for most of 2025, bitcoin prices in South Korea have been higher than the global volume-weighted average price (VWAP). After BTC broke through its all-time high of $126,000 in October 2024, the Korean premium once surged to 8.27%. Following the outbreak of the Middle East conflict in 2026, volatility in the South Korean market has notably increased. Early March saw a discount of approximately 2.27%, after which the market continued to fluctuate.