Koreans are no longer crazy about crypto. Who’s left in this market? 韩国 The Korean "Kimchi Premium" has turned into a discount Doo Wan Nam from Compound Foundation analyzed that the long-standing "Kimchi Premium" in the Korean crypto market has now flipped to a discount, currently at a rate of 3.04%. This shift is mainly due to three reasons: 1️⃣ Cooling of the speculative market The Korean market is known for retail speculation, but the sluggish performance of altcoins has led to a continuous decline in market interest. The retail frenzy that once pushed premiums above 20% has clearly subsided. 2️⃣ Strong stock market performance, with liquidity shifting away from crypto The Korean stock market has nearly doubled compared to last year, led by tech giants like Samsung and SK Hynix. Funds that previously flowed into the crypto market are now returning to the stock market. 3️⃣ Anticipation of crypto tax dampening market sentiment The Korean government has confirmed that crypto taxes will be implemented starting next year. Although previously delayed due to infrastructure issues and political resistance, the current administration has officially confirmed its execution. The "Kimchi Premium" has long been seen as an indicator of retail enthusiasm in Korea. Now, the demand for crypto assets among Koreans continues to shrink. — So, who’s still left in this market?