Korean Won capital is going crazy! Why does ETH dominate the Upbit explosion?
In the shocking increase of 45% in a single day on Upbit, ETH crushes BTC to top the KRW trading pair—Korean capital is using real money to write a 'crazy footnote' for ETH!
1. The Dual Logic Behind ETH's Dominance
Technical factors at play: The countdown to the Cancun upgrade entering Q4 is on, Layer2 expansion and EIP-4844 are about to land; even more intense, ETH staking volume has exceeded 34 million coins, accounting for 29% of the circulating supply, as institutions 'lock up and hoard' coins, fully anticipating 'deflation'. Smart capital choices: Compared to the hype-driven XRP and vague PROVE narratives, ETH's DeFi+NFT+L2 ecosystem panorama inherently accommodates 'large capital inflows and outflows', with Korean capital betting on a 'blue-chip safety net'.
2. On-chain Signal: Hoarding Instead of Running Away
Upbit's ETH deposit volume surged by 27% in a single day, but the selling pressure did not keep up—capital is 'hoarding'! Even more astonishing, the proportion of ETH holdings in Korean addresses has climbed to 8.3% with a month-on-month increase of 12%, as local capital plays a 'long-term game'.
3. My Betting Judgment
When Korean capital meets the momentum of the Cancun upgrade, ETH may surge to 3500 USD in the short term; however, the fluctuations in the Korean Won exchange rate are like a 'time bomb', with panic selling potentially causing chaos at any moment.
Want to catch ETH's on-chain dynamics? Click to follow, leave your 'bull-bear card' in the comments, are you brave enough to join this ETH betting game of Korean Won capital?
