Kimchi Comeback — April 6

Chart of the Day

What’s mined is mine. Recent consolidation in the BTC market has seen the establishment of solid support above the $57k level, kicking off a new round of rally. The break above a major bearish trend line near $58,650 shows great promise of re-testing the $60k barrier. On-chain metrics suggest that miners have entered the accumulation phase, which may herald another round of bulls as their position change has historically foreshadowed some of the biggest bull runs in the crypto market.

Talk of the Town

Kimchi comeback. The infamous Kimchi Premium makes its name again after more than three years in obscurity. The Kimchi Premium is a term coined during the bull cycle of 2017 to describe a BTC price premium between Korean and major global exchanges. The premium, often above 10%, arises from the combined impact of rabid retail interest and cross-border capital control. At its height in 2018, an average crypto enthusiast in South Korea had to pay 54% extra for a single coin. This 2021 comeback, though only one-third of its peak in 2018, signals strong retail inflow.