Ethereum $ETH has set fresh local all-time highs in Japan and South Korea, driven by surging domestic demand rather than currency effects.

On August 10, ETH hit ¥639,455 in Japan, surpassing its December 2024 record of ¥632,954, while trading around $4,300 — still 12% below its USD ATH. In South Korea, ETH reached ₩5.97M, topping its previous ₩5.9M peak from December 2021.

Notably, both the yen and won have strengthened against the dollar this year, meaning the rally can’t be explained by FX moves. Instead, strong local buying and limited foreign participation point to homegrown demand.

Catalysts include corporate adoption beyond Bitcoin, US policy shifts allowing crypto in 401(k) plans, and the SEC dropping its case against Ripple. Bitmine’s aggressive 833,137 ETH accumulation — now worth $2.9B — underscores growing institutional interest, with the firm aiming to control up to 5% of ETH’s total supply.