Bitcoin (BTC) whales in South Korea have been selling heavily across major exchanges throughout the past week. Data shows that multiple $100 million deposits to Bithumb have been spotted in the last three days alone.
By volume, South Korea has a much smaller cryptocurrency exchange market compared to the United States. Yet, South Korea’s cryptocurrency exchanges have seen massive inflows that are comparable with other major markets.
Large inflows into exchanges typically indicate selling pressure from whales because high-net-worth investors do not keep their holdings on exchanges. Hence, when capital flows into a trading platform, it shows an intent to sell.
BTC/USDT 1-day candle chart (Binance). Source: TradingView.com Return of the “kimchi” premium
After two $100 million deposits to Bithumb were spotted, Korbit saw a $90 million deposit on Jan. 9.
According to CryptoQuant Alerts, 2,098 BTC, worth $84 million, were deposited into Korbit at 11:42 am KST.
Due to the discrepancy between the daily volume of South korean