Korean premium for crypto is going negative, and this is very unusual, as Korea usually has a premium. By the way, Korea tends to have either a premium or discount because arbitrage is not easy due to capital controls. Here are some thoughts on why the discount is happening. 1. The speculative market is declining. The Korean market is known for speculation, which at one point pushed the premium to 20%+. However, as the crypto market has been struggling, especially altcoins, the market's interest has been declining. 2. The Korean stock market is doing much better, which is driving liquidity away from crypto. The Korean stock market has almost doubled compared to last year, and several tech companies, including Samsung and SK Hynix, have been leading the growth. This means liquidity that was previously in crypto has been moving into the Korean stock market. 3. The upcoming Korean crypto tax, likely starting next year, is also changing market appetite. Crypto tax in Korea has been delayed multiple times because Korea does not have good enough infrastructure for collecting crypto tax, and it is also a very unpopular political topic. However, the current government, at least for now, has confirmed that it will tax crypto starting next year.

Crypto users don’t need another place to park assets. They need one place to make those assets work. Spend. Trade. Earn. Refer. Move capital. That is already happening on Tria: $100M+ in card spend $200M+ traded through BestPath ~$1B in futures volume $40M+ in AUM $5M+ paid out to users and ambassadors 14,000+ ambassadors There is a lot more on the way. Travel launches in two weeks with virtual accounts, QR payments and on/off ramps close behind. This is the foundation. Now we compound it.

Exchange OS launches today on @XLayerOfficial, a permissionless, builder-first protocol where anyone can deploy spot, perps, and outcome markets on shared infrastructure. Glassnode is supporting @OKX and @XLayerOfficial as a data provider. Our unified on-chain, spot, and derivatives intelligence was built for exactly this kind of cross-market environment, feeding deployers, market makers, and the wider ecosystem with reference data and analytics. Excited to see what builders ship on top.