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.