The “Kimchi Premium” phenomenon, reflecting a disparity between cryptocurrency prices in South Korean markets and global weighted averages, is driven by capital controls and localized demand, Ramirez explained. Regulatory barriers in South Korea limit arbitrage opportunities for international investors. These restrictions cause price volatility, exemplified by bitcoin (BTC) reaching nearly $115,000 during political unrest in South Korea—a 20% premium compared to global prices.

Coin Metrics’ findings reveal that trading activity aligns with seasonal and regional patterns. Exchanges like Bithumb and Upbit exhibit peak activity during East Asian hours, while American platforms such as Coinbase and Gemini favor U.S. time zones. Binance demonstrated a broader reach, showing increased activity in European hours.

“Binance sees –12.1% less trading volume relative to its average volume of $802M during East Asian hours, but 19.4% greater trading volume during European hours,” the report details.

Additionally, certain assets display regional preferences. For instance, xrp (XRP), stellar (XLM), and cardano (ADA) are more actively traded during East Asian hours, whereas bitcoin (BTC) and ethereum (ETH) see higher activity during European and U.S. time zones.

Coin Metrics’ onchain data highlights the global nature of cryptocurrency use. Bitcoin and ethereum transfer values align with their trading patterns, while stablecoins like tether (USDT) show divergence; USDT sees significant onchain activity during European hours. These patterns emphasize stablecoins‘ role in providing financial stability in regions like Latin America.

Ramirez’s report also highlights the resurgence of 2017 and 2021-era tokens like XRP, which saw a 278% price increase alongside a rise in onchain activity. This revival underscores regional and regulatory influences on asset performance.

Coin Metrics’ analysis emphasizes the complex interplay of regional regulations, user preferences, and market trends shaping global cryptocurrency activity. Understanding these dynamics is essential as digital assets continue integrating into global financial systems, Ramirez concluded.

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