South Korea Sees Increased Bitcoin Premium A Sign of Bullish Trends or Merely Local Market Forces

Although bitcoin dipped below $70,000 earlier this week, South Korean markets still show a notable premium. On Oct. 24, the premium climbed as high as 2.21%, with today’s rate only slightly lower.
South Korea’s Bitcoin Premium Bounces Back After October’s Brief Dip
As of 4:45 p.m. EST, bitcoin is priced at $69,058, following a push by bulls that nudged it back above the $69K range. Over the past hour,
BTC
has ticked up 0.79% against the U.S. dollar.
Data from Upbit
at the same 4:45 p.m. mark shows bitcoin trading at a premium on the platform, where
BTC
sits at $69,895—1.21% or $837 higher. Bithumb follows closely, listing
BTC
at
$70,085 per unit
.


Source:
cryptoquant.com
From Oct. 12 to Oct. 20, 2024, metrics from
cryptoquant.com
reveal
BTC
trading at a discount in South Korea below the global average. But after the 20th, it shifted to a premium, hitting 2.21% by Oct. 24. By
Halloween
—Oct. 31—
Satoshi’s white paper
anniversary—the premium on South Korean exchanges was recorded at 1.93%. For years, bitcoin has often traded at a higher price in South Korea compared to global markets.
This trend is largely due to local regulations and
capital controls
. Additionally, South Korean demand for cryptocurrencies is strong. Throughout the year, the South Korean won consistently ranks as the second most-traded fiat currency with
BTC
, just behind the U.S. dollar. Currently, the won is fifth in
BTC
trading pairs, following
USDT
, USD, FDUSD, and USDC. The dollar makes up 17.75% of
BTC
trades, while the won accounts for 3.99% of today’s
BTC
trade volume. Trailing the won, the euro represents 1.06% of
BTC
trades over the past 24 hours.
South Korea’s premium is a clear mix of strong local demand and the nation’s regulatory landscape, pointing to unique regional factors in
bitcoin adoption
. As bitcoin’s value shifts, this premium showcases how market-specific forces create price differences, highlighting how regional enthusiasm can shape global valuation trends—a long-standing reality in
South Korea
. Generally, a premium signals continued bullish sentiment in this market. As Sunday’s trading rolls into Monday, the price is beginning to reveal some shifts and fluctuations.