✨️BREAKING
#Ethereum reached a new local all-time high in Japan and South Korea on Sunday. The reason seems to be increased domestic demand rather than currency effects.
On Monday morning, ETH was trading slightly below the intraday high but still well above the recent average.
Prices in Japanese Yen and Korean Won Surge
On August 10, Ethereum briefly touched ¥639,455 in Japan according to CoinMarketCap data, surpassing the previous local record of ¥632,954 set on December 17, 2024.
While ETH's price in dollar terms was around US$4,300 at that time—still 12% below the ATH of US$4,891 in November 2021—the price in yen for the second-largest cryptocurrency has already broken records.
In South Korea, Ethereum reached ₩5,971,000 on August 10 according to Upbit exchange data, surpassing the previous local peak of ₩5.9 million from December 2021. This marks the highest price in Korean won in nearly 3 years and 8 months.
Investors who only follow the US dollar chart may miss important regional signals. Local peaks often emerge earlier where currency trends and demand align.
Exchange Rate Effects? It Doesn't Seem So
Cryptocurrency price changes in non-dollar terms are often related to exchange rate effects. However, in this case, that doesn't seem to be happening. Throughout this year, the won-dollar exchange rate fell from ₩1,476.23 to ₩1,388.77, and the yen-dollar exchange rate fell from ¥157.33 to ¥147.65.
Both currencies strengthened against the dollar during this period. Typically, a stronger local currency means smaller gains when converted from dollars. However, Ethereum's price in South Korea and Japan rose more than the price in dollars.
This indicates increased domestic demand in both markets. Trades occur in local currencies on domestic exchanges in both countries, and foreign investors are unable to open accounts. These restrictions are due to foreign exchange regulations that limit foreign participation.
It seems that the public in Japan and Korea welcomed various catalysts supporting the rise in ETH prices, including widespread corporate adoption beyond Bitcoin and an executive order by the US president allowing cryptocurrency investments in 401(k) retirement plans. The withdrawal of litigation by the US Securities and Exchange Commission (SEC) against Ripple also supported the altcoin market more broadly.
This rally was also supported by a surge in Ethereum purchases from publicly listed US companies that are implementing the 'Ethereum Treasury' strategy—systematic and strategic accumulation of ETH as a corporate asset.
For example, Bitmine now holds over US$2.9 billion in Ethereum after quickly accumulating 833,137 ETH in just 35 days. The company aims to control up to 5% of the total ETH supply through aggressive accumulation and strategic liquidity partnerships. This approach places Bitmine ahead of other public company peers, strengthening its position in institutional Ethereum ownership.