SOUTH KOREA SHOWS -1.15% REVERSE KIMCHI PREMIUM
The South Korean cryptocurrency market is showing a sustained "reverse kimchi premium" across major tokens, indicating that digital assets continue to trade at a discount on Korean exchanges compared to global prices .
As of 12:00 AM KST on May 24, Bitcoin was trading at 113.22 million KRW on South Korea's Upbit exchange, while on global exchange Binance, BTC was priced at 114.54 million KRW when converted. This represents a negative price gap of 1.32 million KRW and a reverse kimchi premium of -1.15% . Ethereum recorded a -1.17% reverse kimchi premium, while Solana, XRP, and Sui all traded at discounts between -1.16% and -1.24% .
This phenomenon suggests continued weakening of retail demand in the Korean market, which has historically been a source of strong buying pressure for cryptocurrencies. The reversal of the typical premium indicates that Korean investors are currently net sellers or are demanding a discount to hold crypto assets, adding to the bearish sentiment across the broader market .