What happened the right before the 2nd altseason?
Recently, Korean premium had been negative for a while. So, I wondered the reason why it's still low. Cause, BTC(Bitcoin) price broke $100k a few weeks ago, and the BTC market sentiment is extremely bullish. Nevertheless, it seems the altcoin market sentiment is still bearish. The main reason could be the martial law event occurred in South Korea.
Anyways, I checked the past data of the Kimchi premium weekly candlestick chart. The 2nd altseason had lasted from January to November 2021.
Korean premium collapsed in February 2021. It's weird as well. I remember the altcoin market was bullish. Well, I guess this negative Kimchi premium means the altcoin market is led by foreigners.
About 2 weeks ago, Yoon, S.K. president, activated the martial law. Then, the premium plunged a lot. I was so scared of the odds that foreigners sell tons of cryptos.
But, they have maintained their spot crypto positions. Over time, the premium has been recovered somewhat.
If this 3rd altseason followed the past tendency, Kimchi premium would likely increase soon. My TP(Target Point) for the premium is 20~25%. So, this is the reason why I still look forward to the next Q1.