Seoul Stands Apart: Bitcoin Priced in Won Commands a Premium Despite Global Weakness

With bitcoin dipping below the $90,000 band this week, South Korea’s premium is creeping back into view, as prices indicate that the top crypto asset has stayed north of that threshold on local exchanges such as Bithumb and Upbit.

Bitcoin’s Korea Gap Widens as Local Demand Outpaces Global Markets

Just recently on Bitstamp, the price of bitcoin (BTC) brushed a weekly low at $87,777 per coin. Meanwhile, bitcoin prices in South Korea, quoted in won, have been commanding a premium after briefly slipping to a 0.58% discount on Jan. 14. The following day, on Jan. 15, bitcoin posted a 0.63% premium based on cryptoquant.com stats, and it hasn’t looked back since.

Cryptoquant metrics, which track the price gap between South Korean exchanges such as Bithumb, Coinone, Korbit, and Upbit and global platforms worldwide, show the premium reached 1.29% yesterday, on Tuesday, Jan. 20. A premium typically suggests there is strong buying demand from the country, specifically from Korean retail investors.

Source: cryptoquant.com metrics. While bitcoin prices on exchanges outside South Korea have watched BTC slide below $90,000, that hasn’t been the case in Seoul. For example, on Wednesday, Jan. 21, at 9:50 a.m. Eastern, the weighted global average sits at $89,782 per bitcoin, while Upbit lists the price at $90,885 and Bithumb clocks in at $90,912 per coin. That puts bitcoin firmly at a 1.23% premium in Seoul, with prices running $1,100 or more higher when tagged in won.

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South Korean exchange volume is heating up as well, with Upbit’s roughly $1.7 billion in turnover over the past 24 hours ranking it third globally by crypto trading volume. Bithumb, meanwhile, sits in 19th place on Jan. 21, posting about $700 million in trades over the same 24-hour stretch.

All of this is unfolding amid sharp swings in bitcoin markets, and by 10:20 a.m. Eastern on Wednesday, global venues such as Bitstamp showed BTC hitting the $90,471 mark. When this happened, South Korean prices jumped over the $91,000 range.

The Kimchi Premium data paints a familiar picture: South Korean traders are once again paying up while global markets hesitate. The renewed premium, paired with elevated local volumes, suggests demand in Seoul remains resilient despite choppy price action elsewhere.

Whether the gap widens or cools will hinge on broader market direction, but for now and per usual, Korea stands out as a clear pocket of strength heading into late January trading sessions globally. By 10:30 a.m., bitcoin on global exchanges was back down below $90,000.

FAQ 🇰🇷

• **Why is bitcoin trading at a premium in South Korea?**Strong local buying interest has pushed bitcoin prices on Korean exchanges above global averages.
• **What is the Korea bitcoin premium?**It is the price gap between bitcoin traded on South Korean exchanges and prices on global platforms.
• **Which exchanges show the highest bitcoin premium in Korea?**Upbit and Bithumb are currently posting the highest bitcoin prices compared with global markets.
• **Does a Korea premium signal market strength?**A sustained premium often reflects concentrated regional demand rather than a global price shift.