Bitcoin hits record high against the Korean won for the first time in 28 days

BTC, Kimchi Premium Rises, Surpassing 167 Million Won in Korean Won
"BTC, Continuing Upward Trend Riding US BTC Spot ETF Inflow"
Samson Mow: "ETH Uptrend Will Transition to BTC Uptrend"

Bitcoin (BTC) has set a new record in Korean won trading on the 11th, riding the inflow of spot ETFs.

Bitcoin surpassed 167 million won in the afternoon. It broke through $120,000 during trading, touching $122,232. Due to the 'Kimchi Premium' in Korean trading, Bitcoin's Korean won price has set a new high in 28 days.

The current Bitcoin all-time high was recorded on the 14th of last month at $122,309.

Bitcoin's new high is attributed to the Bitcoin spot ETF in the United States. According to financial data platform Farside Investor, approximately $404.39 million (555.8 billion won) was net inflows on the 8th (local time). Net inflows continued for three consecutive trading days from the 6th.

With buying pressure in the Korean spot market, the Kimchi Premium rose, and Bitcoin's Korean won trading price reached a new high.

Riding Bitcoin's strength, the altcoin market also rose in tandem. The second-largest market cap Ethereum (ETH) rose more than 2%, and major altcoins like XRP and SOL showed simultaneous gains.

◇Bitcoin = At 4 PM on the 11th, the Bitcoin price on Upbit was 160.75 million won. Bitcoin's dominance was 59.42%.

According to on-chain analysis platform Sigbit, the long and short betting ratio in the Bitcoin futures market was 51.03% and 48.97%, respectively.

Samson Mow, CTO of Blockstream, stated that Ethereum's recent uptrend will stop, and Bitcoin's rise will begin.

He said, "Most Ethereum holders also hold a lot of Bitcoin" and "If Ethereum's price rises sufficiently, they will sell it and use the funds to buy Bitcoin."

He further added, "No one wants to hold Ethereum long-term."

◇Rising Coins = At 4 PM on the 11th on Upbit, Radium (RAY) showed the largest increase, rising about 14%.

Radium is a DEX project supporting liquidity provision and trading within the Solana ecosystem, and recent news of liquidity expansion has had a positive effect.

◇Fear and Greed Index = The digital asset Fear-Greed Index provided by Alternative is at 70 points, entering the 'Greed' stage. The greed stage is characterized by increased price volatility and trading volume, indicating a price rise. There is a high possibility of short-term peak formation, so caution is advised when selling.

The Relative Strength Index (RSI) provided by Sigbit is 59.2, recording a 'neutral' state. RSI measures the relative strength between upward and downward price pressures and indicates the overbought and oversold levels of a specific asset.

Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr