[South Korea's Bitcoin Premium Reaches 2% for the First Time, Setting a New High Since Pre-War Market Turbulence] Reported by Jinse Finance, on May 10, according to CryptoQuant data, Bitcoin prices have fluctuated between being below and above the global volume-weighted average price (VWAP) since the outbreak of the U.S.-Iran conflict. The premium in the South Korean market (commonly referred to as the 'Kimchi Premium') is primarily driven by local demand, while South Korea's crypto market remains relatively isolated due to strict capital controls and residency-based KYC requirements. This fluctuation reflects changes in relative demand between South Korea's spot market and the global market. In 2025, CryptoQuant's Korea Premium Index (KPI) showed that Bitcoin remained in a premium state for most of the year, with only a few brief exceptions. In October 2024, shortly after BTC surpassed its historical high of $126,000, the premium briefly surged to 8.27%. The situation in 2026 was notably different, especially following the outbreak of conflict in the Middle East. For instance, in January, Bitcoin prices on South Korean exchanges (such as Bithumb and Upbit) were once more than 4% higher than the global market. During the early stages of the war, BTC maintained a slight premium, but by the first week of March, CryptoQuant's KPI had dropped to approximately a 2.27% discount. Since then, market conditions have remained relatively volatile and unstable.