South Korea blocking 27 unregistered exchange websites sounds significant, but I’m not convinced it will shake the entire crypto market equally. The bigger concern for me is liquidity concentration. BTC and ETH trade across many global venues, while smaller altcoins may feel more pressure if they rely heavily on Korean buyers. The kimchi premium is worth watching here. At around 0.7%, it doesn’t currently suggest the kind of extreme market separation seen in 2018. If it starts climbing sharply, that could signal growing friction between Korean demand and global prices. Traders may also shift to registered exchanges or on-chain platforms, so restricted access doesn’t automatically mean all that demand disappears. Personally, I’d watch smaller altcoins and changes in the premium before assuming this becomes a broader market event. The key question is whether Korean demand actually fades or simply finds another route.