Bitcoin Tops $104K as Global Market Momentum Outpaces Korean Demand

Samuel Edyme

1 month ago

3 mins read

Bitcoin Tops $104K as Global Market Momentum Outpaces Korean Demand

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Bitcoin has continued its steady ascent, with the asset now trading above $103,000. This marks a 0.4% decrease over the last 24 hours and more than 20% over the past month. While the rally has reaffirmed bullish sentiment in broader markets, recent data points to a shift in the sources driving this momentum.

A CryptoQuant analyst has observed a growing disparity between regional and global market behavior, especially regarding the price of Bitcoin across different exchanges.

Upward Momentum as Global Investors Take the Lead

CryptoQuant analyst Avocado Onchain recently analyzed a key metric known as the “Korea Premium,” which tracks the price difference between Bitcoin on Korean exchanges and international platforms. Despite Bitcoin’s rising market price, the Korea Premium has been on a consistent downward trend.

This suggests the ongoing rally is largely being driven by institutional flows and investor sentiment in markets outside Korea, rather than from the historically active Korean retail segment.

Bitcoin Korea Preiumum Index. | Source: CryptoQuant

In previous cycles, particularly in 2017 and 2021, South Korean exchanges often traded BTC at a premium due to local demand surges, sometimes up to 20% higher than international prices. These periods were typically seen as signals of retail-driven euphoria.

Avocado explains that this change in market dynamics reflects a new phase of capital distribution in the crypto space. With spot Bitcoin ETFs now operational in the US, and growing interest from corporations and even sovereign wealth entities, a larger share of trading activity is being driven by institutional strategies rather than retail speculation.

This is reflected in the subdued Korea Premium, which failed to spike even as BTC crossed major resistance levels in recent months.

Institutional Activity Redefines Bitcoin’s Market Drivers

According to Avocado, even if a rebound occurs, any Korea Premium near 10%—once considered modest—should now be interpreted as elevated. The absence of excessive domestic premiums highlights that Asian retail is no longer setting the pace in Bitcoin markets.

Instead, global institutional actors, armed with new vehicles like ETFs and custodial platforms, appear to be the primary drivers of demand. This shift is significant because it may signal more sustained and less volatile growth for Bitcoin, in contrast to previous boom-and-bust cycles fueled by retail enthusiasm.

Avocado’s observations suggest a maturation of the crypto market. With retail sentiment lagging and institutional interest rising, Bitcoin’s price trajectory may now be more responsive to global macroeconomic events, policy shifts, and capital allocation trends from major asset managers.

This evolving dynamic could also change how traders interpret volume spikes and volatility, especially as retail signals like the Korea Premium lose some of their predictive power.

Bitcoin (BTC) price chart on TradingView — BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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