Bitcoin premium on Korean exchanges rose to 1.98% on May 7th. This is the highest level since late February. At the same time, on-chain data shows that holders are cashing out the largest daily profits in the past five months. $BTC It trades for over $80,000.
Bitcoin’s Kimchi Premium is tracked by CryptoQuant’s Korea Premium Index (KPI). This measures the price difference between Bitcoin on Korean exchanges and the global volume-weighted average.
The 2% figure is a sharp recovery from early March, when the index fell to a discount of 2.27% after the outbreak of conflict between the United States and Iran.
South Korea has strict controls on funds and KYC checks regarding residence. There’s almost nothing to do $BTC Arbitrage. CryptoQuant KPIs are used to measure real-time differences in demand between one location and another.
As Korean buyers buy more Bitcoin, the premium will jump. However, if it sells, the KPI may go down.
Bitcoin experiences 9 volatile weeks
The transition from discount to premium prices was not pretty. CryptoQuant data shows that KPIs have been improving throughout March.
There was a noticeable decline for most of the month, but there was a temporary recovery from March 27th to 28th, at a level of about 1 percentage point. In April, although there were some scattered declines, it remained mostly positive.
The 1.98% on May 7 was the first time the index approached 2% since the day before the U.S.-Iran conflict.
Compared to Upbit’s premium, the premium was already down to 0.77%. $BTC Prices and current global VWAP numbers.
Bitcoin profit taking accelerates with premium
Julio Moreno, head of research at CryptoQuants, reported that holders realized $14,600. $BTC This is the highest single-day profit since December 10, 2025.
The Short-Term Holder Expenditure Earnings Return Ratio (STH-SOPR) rose to 1.016 and has remained above 1.00 since mid-April. STH-SOPR tracks whether recent buyers are selling $BTC Is it above or below the cost standard?
This puts Bitcoin in what Moreno described as “clear profit-taking territory.”
On a 30-day rolling basis, the net realized profit reached 20,000 $BTC. The indicator fell to -398,000 $BTC In February and March, prices plummeted during the early stages of the conflict.
Rising bear market, not bull market
Even though Bitcoin has surged +20% since early April, Moreno disagreed with seeing this move as the start of a bull market rally.
“This distinction reinforces the bear market bull market classification rather than a structural regime change,” he writes.
Net profit 20,000 $BTC Much less than 130,000 to 200,000 $BTC A range recorded in a bearish to bullish market transition.
The unrealized profit margin has recovered to around 18% from -29% in February and March. As unrealized gains increase, owners want to sell and lock in profits. This increases the possibility of a backlash.
Still, Moreno said the adjustment may not happen quickly. Demand for perpetual futures continues to expand, spot demand continues to contract only moderately, and foreign exchange inflows are restrained.
He said the current settings are “consistent with a bull market with significant correction risk, but have not yet reached the peak of the confirmed distribution.”
At the time of this writing, Bitcoin is trading at $80,903.51. 2.9% on a 7-day timeline.
