On-chain data shows the Bitcoin Korea Premium Index has been displaying signs of selling pressure, something that could result in a pullback.

As pointed out by an analyst in a CryptoQuant post, the selling pressure has been rising in the sector recently. The “Korea Premium Index” is an indicator that measures the difference between the Bitcoin price listed on the South Korean exchanges and that listed on foreign platforms.

When the value of this metric is positive, it means the price of the cryptocurrency listed on the South Korean exchanges is currently greater than that on the global ones. Such a trend suggests that there is a heavier amount of buying taking place on the former platforms right now compared to the latter ones (or alternatively, the Korean exchanges are just observing a lower amount of selling pressure).

On the other hand, the indicator showing a negative value implies that South Korean investors may be selling more of the cryptocurrency compared to the rest of the world’s user base.

(by Hououin Kyouma)