Bitcoin Hits $100K, But South Korea’s Premium Flips—Discounts Incoming?

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In the past 24 hours, bitcoin has swirled between the lofty realms of $103,133 and $104,841, while South Korea’s infamous premium has stealthily taken a dive, dipping into discount territory—an almost unheard-of occurrence this month.

Bitcoin Bounces Back, South Korea’s Premium Falls 0.76% Below the Global Average

Bitcoin has had quite the week, with traders eagerly gobbling up its newly reclaimed $100,000 value—something we haven’t seen since February. But alas, as is the way of the market, after reaching these dazzling new heights, South Korea’s once glowing premium made a dramatic U-turn and slunk into discount territory. As of Sunday, May 11, 2025, the prices on Bithumb and Upbit now almost mirror the global average, a curious shift indeed.

According to Cryptoquant.com, the inversion first raised its head on May 2, when the price fell 0.43% below the global average, and continued to deepen on May 9 and 10, reaching an eyebrow-raising 0.76% shortfall by the latter. From May 2 to 9, premiums reached as high as 3% on May 6. Such discounts in South Korea are so rare, they might as well be unicorn sightings.

The last time we saw such an inversion was in April, when the price dipped a hearty 1.19% under the weighted global average. This was, of course, a far juicier discount. Before that, the last won discount graced us back in December of last year. Since April 20, Cryptoquant’s Coinbase Premium Index has mostly been sitting pretty in the “premium” zone, offering solace to investors in the form of a nice markup.

There have been two fleeting reversals—on May 4 and May 8, both of which were as mild as your grandmother’s potato salad. Essentially, the Coinbase Premium Index from Cryptoquant measures the percentage gap between Coinbase Pro and Binance. When the premium rises, it’s an obvious sign that U.S. investors are buying with all the enthusiasm of a Black Friday shopper. But when the won discount rears its ugly head, it suggests that demand is more subdued, supply is overflowing, or South Korea’s market has entered a state of uncertainty—take your pick.

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2025-05-11 23:37