Short-term top signal or a reset for Bitcoin? By Cointelegraph

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Kimchi premium collapses: Short-term top signal or a reset for Bitcoin?

The so-called Kimchi premium, which measures the premium of the (BTC) price in South Korea’s cryptocurrency exchange market, plummeted overnight.

The premium declined from 22% to 15% within a matter of hours on Wednesday, and it is continuing to drop across major South Korean exchanges.

BTC Korea Premium Index. Source CryptoQuant
Bitcoin falls hard on South Korean exchanges. Source: Ki Young Ju
BTC funding rates. Source: Bybt.com