Ethereum has reached new local all-time highs in Japan and South Korea, fueled by strong domestic demand rather than currency fluctuations.
On August 10, ETH climbed to ¥639,455 in Japan, beating its December 2024 peak of ¥632,954, while trading near $4,300 — still about 12% below its USD ATH. In South Korea, ETH touched ₩5.97M, surpassing its previous ₩5.9M high from December 2021.
Importantly, both the yen and won have strengthened against the dollar this year, ruling out FX effects as the driver. The surge appears to be powered by robust local buying and minimal foreign inflows.
Key catalysts include expanding corporate adoption beyond Bitcoin, U.S. policy changes enabling crypto in 401(k) plans, and the SEC dropping its case against Ripple. Adding to the momentum, Bitmine’s aggressive purchase of 833,137 ETH — now worth $2.9B — signals mounting institutional interest, with the company targeting control of up to 5% of ETH’s total supply.#ETH $ETH
