"Hmm until when will the price of BTC move horizontally eh?"
The Bitcoin (BTC) spot approval of the cryptocurrency ETF is under significant selling pressure, but the positive and negative movements of Premium Kimchi Korea and Premium Coinbase signal a potential price correction in the short term.
The Korea Premium Index (KPI) is an important metric for monitoring shifts in the crypto market, where it assesses Kimchi Premium and then provides insight into the sentiment of the digital asset sector in South Korea.
Through observation, the Korean Premium which is over 3% accompanied by a negative round of the Coinbase Premium has shown that United States (US) investors are actively selling BTC while South Korean investors are involved in the competitive purchase of the digital asset.
As the crypto market is currently in a recovery phase, analysts strongly believe the signal is more indicative of an imminent short-term correction in BTC price rather than a full-blown downtrend.
Increased activity such as large deposits into BTC exchanges by whales and miners plus investors selling the GBTC ETF has given the possibility for the price to pullback and move sideways in the near future.
It should be noted that the development comes almost a month after Korea Premium posted a record high reflecting strong buying pressure from retail investors in South Korea.
South Korea has increased transparency in its public sector following this year, a new law announced by the country's Ministry of Personnel Management requiring high-ranking public officials to disclose their crypto holdings.
As of this writing, BTC price has surged by 1.52% to $43,115 in the last 24 hours with a market cap of $845 billion but is still down 6.55% over the last week.
