ChainCatcher message, CryptoQuant analyst Joo Hyun Ryu stated, "Kimchi premium" reached a local high of 5.12, indicating that demand for Bitcoin among Korean investors is very strong.

Ryu explained, "However, this sharp market adjustment seems to be attracting new investors. Data shows that the proportion of short-term holders (STH, holding period of less than three months) increased by 3 percentage points in just one week."