As bitcoin slipped to a 2026 low of $59,100, market data reveals that BTC priced against the South Korean won has been changing hands at a discount. In fact, the Kimchi premium has vanished, and bitcoin has been trading below global market prices in South Korea for nearly a month.
For bitcoin pricing in South Korea, 2026 has delivered an unusual twist, with a substantial share of the year marked by pronounced discounts rather than the country’s customary premium. According to Cryptoquant metrics, the discount trend first emerged at the beginning of March and has persisted ever since, with the first week of June recording the deepest discount of the year.
On June 1, bitcoin changed hands at $70,767 globally, yet in South Korea, it was priced $2,193 lower, with local exchanges quoting the asset at roughly $68,573 per coin. Fast forward to 11:15 a.m. EDT on June 6, and while BTC is trading near $60,608 worldwide, it is valued at $59,115 on Upbit, South Korea’s largest exchange by trading volume.
Upbit, for instance, currently holds the third-largest position by trading volume globally, trailing only Binance and Coinbase. Bithumb also maintains a place among the industry’s leading venues, sitting in 19th place today. Upbit has recorded $1.21 billion in trading volume over the past 24 hours, while Bithumb has generated $749 million during the same period.
