The increase in short-term holders (STH) with assets aged less than three months is mainly due to institutional investors or new whales, rather than retail investors. This is evident from the change in whale balances that support the increase in Bitcoin prices.

Despite the bullish price movement, the Korean market remains sluggish. This is reflected in the negative "Korean premium", indicating limited participation from Korean investors. Memories of the last ATH in March still cause hesitation among Korean investors, preventing them from fully participating in the current bull market. However, if they want to join the market rally, they must act quickly to avoid being left behind.