Korean Traders Flock Back to Crypto as Bitcoin Hits Three-Month High

Korean crypto traders are returning to the market as Bitcoin reaches a three-month high of $79,500. The sharp rise in price has led to a surge in trading volume on South Korea's largest exchanges, Upbit and Bithumb.

Upbit's 24-hour trading volume jumped 273% to $1.84 billion, while Bithumb's volume rose 132.9%. This marks the highest single-day trading volume for Upbit since mid-March and completely outperforms global volume trends over the same trailing 24-hour window.

The increase in trading activity may be linked to a shift in where Korean traders are putting their money. Earlier this year, strong gains in stocks drew more investors toward equities, while crypto trading slowed. However, as Bitcoin has recovered with a 26% weekly gain and the KOSPI has pulled back from its recent highs, Korean traders may be moving their focus back to crypto for better returns.

The Kimchi Premium has also returned, with some crypto assets traded 1.8% to 2.4% higher on Upbit and Bithumb than on global exchanges like Coinbase and Binance.