CryptoQuant analyst Joo Hyun Ryu stated that during the recent market downturn, speculative short-term holders increased their exposure to Bitcoin, particularly driven by demand from South Korea.
The 'kimchi premium' that measures the price gap between South Korean exchanges and other exchanges reached a local high of 5.12, indicating strong local demand.
Ryu explained, 'This sharp adjustment in the market seems to have attracted new investors, evidenced by a 3 percentage point increase in the share of short-term holders (STH) with holding periods of less than three months in just one week.'
The rise in buying interest from South Korean investors suggests an optimistic outlook for Bitcoin in the region, despite mixed signals from the global market.
Previously, South Korean cryptocurrency investors surpassed 15 million in November. According to data submitted by the Bank of Korea, as of the end of November, there were 15.59 million South Koreans with accounts at the country's five major cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and GOPAX).

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