Bitcoin is down by almost 10% as it continued to face an uphill battle following the approval of much-anticipated spot ETFs by the SEC. But relief for the flagship crypto-asset might not transpire just yet.
In fact, the positive and negative movements of the Korean “Kimchi” Premium and the Coinbase Premium, respectively, signal a potential short-term correction in the Bitcoin market.
Bitcoin: Short-Term Correction Imminent
The Korea Premium Index (KPI) is a crucial metric for monitoring shifts in the market. This index assesses the ‘Kimchi Premium’ and provides insights into market sentiment within South Korea, which is one of the largest crypto players in the world.
According to on-chain analytics platform CryptoQuant, when the Korean Premium overheats by more than 3%, accompanied by a negative turn in the Coinbase Premium, it signifies that US investors are actively divesting while South Korean investors are engaging in competitive Bitcoin buying.
While referring to the histo
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