South Korea’s Kimchi premium turns to discount

Feb 19. 2023

By Stephen Katte

The "Kimchi premium" has flipped to discount again, and could be saying something about crypto market sentiment, at least in South Korea.

South Korea’s "Kimchi premium" has flipped to a discount again, meaning cryptocurrencies such as Bitcoin are now cheaper to buy on South Korean exchanges.

The phenomenon is named after the Korean dish kimchi. The Kimchi premium refers to when the price of Bitcoin (BTC $24,517) trades higher on South Korean exchanges than in other markets.

According to data from blockchain analytics provider CryptoQuant, the Korea Premium index has been shifting between the -0.24 and 0.01 range between Feb 17 and 19.

As of writing, data on CoinMarketCap shows BTC is trading at roughly $24,464 on Coinbase and $24,487 on Binance.

In comparison, Korean exchange Bithumb has it listed at $24,386 and one of the largest exchanges in South Korea Upbit has it listed at $24,405.

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