Bitcoin has broken through the 82,000 dollar level, a strong resistance zone, and in a notable move the Kimchi premium has narrowed and flipped into a reverse premium.

Korean market participants are overwhelmingly retail investors. The fact that the last two strong rebounds were driven not by these retail flows but by overseas whales suggests that market sentiment is shifting from a downward cycle to an upward one.

Korean retail investors will likely only step in aggressively in the later stages of the upward cycle.

Written by Crypto Dan