According to
챗GPT, as Bitcoin continues its downward trend, the interest of Korean investors has significantly declined. According to Google Trends, Korean interest in Bitcoin has dropped to the level of mid-October last year when Bitcoin started to surge above $30,000.
The continuous decline of altcoins, which are highly sought after by Koreans, is also significant. While Bitcoin has risen by about 45% this year, the total market cap of altcoins excluding Bitcoin and Ethereum has only increased by 27.22%. Considering the significant number of new coins listed this year, the rise of individual altcoins may be limited compared to Bitcoin and Ethereum.
According to
한국의 비트코인에 대한 관심도 추이.<구글트랜드>, the interest in Bitcoin in Korea has fallen to 13 levels from the baseline of 100 set on March 11th. March 11th was the day when Bitcoin ETF was approved in the U.S. market.
The interest level of 13 on Google Trends is similar to the level around mid-October last year, when Bitcoin was around $30,000, nearly half of the current price of $60,000. This period was before the significant surge in Bitcoin, indicating a lack of interest from investors. The recent continuous decline of Bitcoin seems to have greatly reduced the interest of Korean investors in Bitcoin.
The impact of the recent macroeconomic conditions on Bitcoin is expected to continue until the release of the U.S. April Consumer Price Index (CPI) on May 15th.
From the perspective of institutional investors, if the April CPI comes in below expectations and shows a slowdown, it could be seen as positive news. With the recent slowdown in the U.S. April employment data, a lower-than-expected inflation rate could revive market expectations for a rate cut.
According to
, on the 13th, Bitcoin is trading at $69,923, a 0.16% decrease from 24 hours ago.
Bitcoin has not shown a significant rebound since dropping from the $63,000 range to the $60,000 range on the 10th. This slight decline in Bitcoin also led to a sharp drop in altcoins. Ethereum fell to $2,884, while Solana dropped by 3.15% to $138.
According to blockchain data analysis firm CryptoQuant, the total amount of Bitcoin held by global cryptocurrency exchanges increased by 0.05% to 1,945,577 on the current day from the previous day.
The Coinbase premium, which represents the buying sentiment of U.S. investors, is -0.045% and has been at a consistently low level recently. According to CryptoQuant, the Kimchi premium, which represents the buying sentiment in the Korean market, is 2.45%.
The number of open positions in the futures market, indicating positions that have not yet been liquidated, decreased by 0.07% from the previous day and by 3.6% from a week ago.