Bitcoin in South Korean market sees kimchi premium, reaching its longest record since May for a week

According to Bloomberg, on September 1st, the price of Upbit Bitcoin in South Korea was about 1% higher than that of Binance, and this premium has been going on for a week, the longest record since early May. The price of Bitcoin was around $79000 at the beginning of September, and briefly surpassed $80000 in August. The US spot Bitcoin ETF had a net inflow of approximately $1.92 billion in the week of August 17th, followed by another inflow of $923 million at the end of August. According to Upbit data, Bitcoin has been discounted compared to international prices in the Korean market for most of this summer, with a discount of 3.1% in early June and an average discount of 0.25% in August. According to 10x Research, the premium in South Korea has turned positive, but the spot trading volume has not increased synchronously.