Bull market sign? Kimchi Premium is back! Bitcoin on South Korean exchanges Upbit and Bithumb both have a premium of $1,300

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The crypto market continues to spread amid optimism that the bull market is about to return. Bitcoin (BTC) is currently fluctuating at a high of US$36,000 to US$37,000, and there are more and more hot spots in the market. Many sectors have surged in recent days, and investors are switching to holdings for the future market. Optimism.

Kimchi Premium is back! Upbit and Bithumb Bitcoin both trade at a $1,300 premium

It is worth mentioning that one of the bull market indicators that the crypto market often pays attention to, "Korean kimchi premium", is also recovering.

Major Korean exchanges, especially Upbit and Bithumb, are seeing significant premiums. In the early hours of this morning, Bitcoin on Upbit was trading at $37,985 per coin, while the global average price was $36,700, indicating a premium of nearly $1,300 in South Korea ; Bithumb’s Bitcoin price also showed a premium, with the Bitcoin price per coin 37,978 US dollars. Overall, the current "Korean kimchi premium" range is about 3.5%.

According to data from Cryptocompare.com, yesterday (19th), BTC trading volume involving Korean won accounted for 3.53% of the total trading volume, ETH accounted for 1.65% of the total trading volume, solana (SOL) accounted for 8.78% of the total trading volume, and Upbit alone The trading volume in the past 24 hours reached US$2.62 billion in transactions, which shows the current optimism among Korean investors.

Extended reading: South Korean currency people’s dream of getting rich: an in-depth analysis of the currency speculation culture behind the kimchi premium!

Bitcoin options “open interest value” exceeds last bull market high

As market sentiment improves, a spokesperson for cryptocurrency options exchange Deribit also said that earlier this week, the notional value of open interest in Bitcoin options on the platform reached a historical record of $14.9 billion, surpassing the previous bull market. (October 2021) Bitcoin hit $14.4 billion before hitting a high of nearly $69,000.

Note: Open positions refer to open positions that have not yet been settled.

Deribit data shows that by the end of December, most call option bets on Bitcoin had reached $40,000 and even $45,000. With traders selling call options willing to take bets from the other side, this suggests $40,000 could become a key testing area for Bitcoin’s rebound.

At the same time, Coinglass data also showed that open interest in Bitcoin futures on the Chicago Mercantile Exchange (CME) reached US$4 billion on Friday, while Binance was US$3.8 billion.

Source: Deribit

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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