According to Odaily Planet Daily, CryptoQuant analyst Joo Hyun Ryu said that during the recent market downturn, South Korean demand has driven short-term holders to increase their exposure to Bitcoin.
The “Kimchi Premium” reached a local high of 5.12, indicating strong local demand. The proportion of short-term holders increased by 3 percentage points in a week, indicating that new investors entered the market.
South Korean investors are optimistic about the prospects of Bitcoin despite mixed signals from global markets. As of the end of November, the top five cryptocurrency exchanges in South Korea had a total of 15.59 million accounts.
