Korean Crypto Traders Flood Back into Market as Bitcoin Hits Three-Month High

South Korean crypto traders are returning to the market as Bitcoin reaches a three-month high of $79,500. Upbit's 24-hour trading volume has surged 273% to $1.84 billion, while Bithumb's volume rose 132.9%. The sharp increase suggests that Korean investors may be putting their money back into crypto after months of weaker activity.

The recent market rally may have been linked to a shift in where Korean traders are placing their investments. Earlier this year, strong gains in the KOSPI and other stocks drew more investors toward traditional markets, causing crypto trading to slow down. However, as Bitcoin has recovered with a 26% weekly gain, the KOSPI has pulled back from its recent highs.

The Kimchi Premium has also returned, with some crypto assets trading 1.8% to 2.4% higher on Upbit and Bithumb than on global exchanges like Coinbase and Binance. Korean traders are known for their enthusiasm towards altcoins, and the current market activity suggests that they are once again moving towards riskier assets.