Bitcoin Kimchi Premium Nears 2% as Holders Take Profits

CryptoQuant’s Korea Premium Index (KPI) climbed to 1.98% on May 7, the highest reading since late February, as onchain data showed large profit-taking by holders while Bitcoin traded above $80,000.

The KPI measures the price gap between Bitcoin on South Korean exchanges and the global volume-weighted average price. The index rises when demand on Korean platforms outpaces global demand and falls when selling pressure in Korea exceeds local buying. Strict controls on funds and residency KYC checks in South Korea make cross-border arbitrage difficult, so the KPI reflects local demand differences.

The index moved sharply over the past nine weeks. In early March the KPI fell to a 2.27% discount following the U.S.-Iran conflict. March then showed extended discounts with a brief recovery around March 27–28. April remained mostly in positive territory with intermittent dips. The May 7 reading was the first time the KPI neared 2% since just before the early March sell-off. When measured using Upbit’s BTC price against the current global VWAP, the premium later cooled to about 0.77%.

Onchain metrics indicate concentrated profit taking. CryptoQuant’s head of research, Julio Moreno, reported that sellers realized 14,600 BTC on May 4, the largest single-day realized profit figure since December 10, 2025. He noted the Short-Term Holder Spent Output Profit Ratio (STH-SOPR) rose to 1.016 and has stayed above 1.00 since mid-April, a level that indicates recent buyers are selling above their cost basis.

On a 30-day rolling basis, net realized profits reached about 20,000 BTC, a recovery from a trough near negative 398,000 BTC in February and March. Unrealized profit margins rose to roughly 18% from about negative 29% in February and March.

Moreno cautioned against classifying the current activity as a structural bull-market shift, saying net profit figures are well below the 130,000–200,000 BTC range typically observed in bear-to-bull transitions. He described the market as “consistent with a rally that carries meaningful correction risk but has not yet reached a confirmed distributional peak.” Moreno also pointed to growing demand in perpetual futures, only mild contraction in spot demand and muted exchange inflows.

At the time of reporting, Bitcoin was trading around $80,903.51, up about 2.9% over the past seven days and roughly 20% higher since early April.