What happened right before the 2nd altseason?
Recently, Korean premium has been negative for a while. So, I wondered the reason why it's still negative. Cause, BTC broke $100k a few weeks ago, and the BTC market sentiment is extremely bullish.
Nevertheless, it seems the altcoin market sentiment is still bearish. Furthermore, Korean premium, Korean call it Kimchi premium, is still negative. The main reason could be the martial law event in South Korea.
Anyways, I checked the past data of the Kimchi premium weeklu chart. The 2nd altseason had lasted from January to November 2021.
Korean premium collapsed in February 2021. It's weird as well. I remember the altcoin market was bullish. Well, I guess this negative Kimchi premium means the altcoin market is led by foreigners.
About 2 weeks ago, Yoon, S.K. president, activated the martial law. Then, the premium plunged a lot. I was so scared of the odds that foreigners sell tons of cryptos. But, they have maintained their spot crypto positions.
Over time, the premium has been recovered somewhat. Editing..