Bitcoin traded at a 1% premium on Upbit, South Korea’s largest crypto exchange, over Binance’s dollar-denominated price, marking the longest sustained positive spread since early May. This reappearance of the kimchi premium coincides with spectacular flows in US spot Bitcoin ETFs: $1.92 billion in inflows the week of August 17, their strongest weekly inflow in 10 months, followed by $923 million the next week. Bitcoin entered September near $79,000 after briefly crossing $80,000 in August for the first time since May. Analyst Rachael Lucas (BTC Markets) cautioned that the kimchi premium reflects an easing of Korean selling pressure, not a new Fomo wave, and that US institutional flows still dominate price action.
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