Bitcoin Rises 36%, Korean Retail Investors Stay Out of the Rally

Bitcoin's market capitalization has increased by 36% since August 18, while the S&P 500 added 0.8% and gold fell by 1.5%. Analysts at Santiment attribute this to a revival in ETF demand, increased liquidity, and a series of short squeezes. CryptoQuant notes that the last two strong rebounds of Bitcoin occurred without the participation of Korean retail investors. Bitcoin broke through the 82,000 level, which was previously a strong resistance zone, and the Kimchi premium has decreased to a discount. This indicates that the market may be shifting from a downward to an upward cycle, with the potential return of Korean investors at later stages. Santiment believes that Bitcoin could continue to outperform traditional assets as long as ETF demand remains strong and liquidity is sufficient. At the same time, the increase in leverage raises the risk of short-term market fluctuations.

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