Bitcoin prices surged again today (11th), reaching a high of $71,831. Interestingly, in the “crazy Bitcoin trading” South Korean BTC/KRW trading pair, the price has exceeded 100 million Korean won, with a premium of 7.5% in the global market.
BTC/KRW trading pair
Cryptocurrency trading volume in South Korea surpasses the stock market
With the continuous rise in Bitcoin prices, the total trading volume of South Korean cryptocurrency exchanges, known for their “crazy Bitcoin trading,” has even surpassed the trading volume of the local stock market. According to local media reports, major cryptocurrency exchanges in South Korea reached an astonishing trading volume of 11.8 trillion Korean won (approximately $9 billion) on Sunday. This figure far exceeds the 11.47 trillion Korean won (approximately $8.7 billion) trading volume of the South Korean stock market on Friday. This trading volume reflects the peak enthusiasm of Koreans for cryptocurrencies.
The exchanges that set a new record in trading volume mainly include the five largest Korean won market cryptocurrency trading platforms: Upbit (with a trading volume of 8.8 trillion Korean won), Bithumb (2.7 trillion Korean won), Coinone (176.4 billion Korean won), Gopax (55.2 billion Korean won), and Korbit (32 billion Korean won).
South Korean exchange 24-hour cryptocurrency trading volume | Source: Coingecko
CryptoQuant Founder: Koreans Love High-Risk Investments
Regarding this phenomenon, CryptoQuant founder Ki Young-Ju analyzed, “Koreans tend to prefer high-risk, high-return investment strategies, which is related to their experience of rapid economic growth.” He further explained that as income inequality widens, more and more people are turning to cryptocurrency investments, especially altcoins, as they are more attractive compared to mainstream assets such as Bitcoin (BTC) or Ethereum (ETH).
On the other hand, Bradley Park, the research director at CryptoQuant, pointed out that even though the trading prices of Bitcoin, Ethereum, and other tokens on Korean exchanges are higher than the global market, the trading volume is still very high, indicating strong retail market demand.
He also mentioned the “kimchi premium,” which refers to the phenomenon of cryptocurrency prices on Korean exchanges being higher than the international average price, reaching the highest point since May 2022. Park explained that this is often seen as a sign of strong retail demand because Korean investors are willing to pay a higher premium for cryptocurrencies such as Bitcoin.
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