South Korea’s well-known crypto premium has significantly decreased, as the prices of bitcoin and ethereum are now closely aligned with the global averages, albeit with a small premium. The premium for BTC stands at 0.84%, while ETH’s premium is in a similar range.
The decline of South Korea’s crypto premiums can be observed when BTC reached its all-time high in March. During this period, the leading cryptocurrency had a substantial premium on South Korean trading platforms such as Upbit, Korbit, Bithumb, and Coinone. On March 14, 2024, when BTC reached $73,794 per unit, the South Korean premium was approximately 9.54% higher. Furthermore, on that day, the Korean won accounted for 3.35% of bitcoin’s global trading volume. Currently, the premium on exchanges like Upbit and Bithumb has dropped to below 1%.
According to data from various crypto market price aggregation sites, the weighted global average for BTC is $69,963 per coin. On Upbit, BTC is traded at $70,555 per coin, reflecting a 0.84% premium. Ethereum (ETH) also carries a similar premium. While 3.35% of BTC trades were settled in won in mid-March, this figure has now decreased to 1.92%. Despite the reduction, the South Korean currency remains the fifth most traded asset with BTC.
The won is the sixth most traded asset with ETH and the seventh highest paired with SOL. Solana (SOL) has a slight premium in South Korea, although less than BTC and ETH, as does ethereum classic (ETC). In fact, 47.48% of all ETC trades over the past day were settled in won. The decrease in South Korea’s previously notorious crypto premium indicates a more integrated and consolidated local market, with BTC and ETH prices now closely reflecting global averages. Although the South Korean won has become less dominant, it still holds a significant position among the top trading volumes worldwide.
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