Bitcoin at 1.247 billion won as Bithumb's Mibus surges 158%

On the morning of September 16 at 7:30 AM, South Korea's cryptocurrency market saw most assets decline. Total trading volume across Bithumb and Upbit reached 2.8 trillion won, with only 15 out of 57 coins exceeding 500 million won in trading volume rising—a 26% rise rate.

Major cryptocurrencies declined slightly: Bitcoin fell to 124.7 million won, down 3.0% from the previous day, while Ethereum dropped to 325 million won, a 4.4% decrease. Individual coins saw significant gains, with Bithumb-listed Mibus surging 158.2% to 7.262 won, accumulating trading volume of 39.9 billion won. Maple Flower rose 63.5%, and Fancy increased by 35.6%. On the downside, Risk dropped 17.8% and Saisic fell 16.8%.

By absolute trading volume, XRP (Ripple) led with 499.5 billion won, followed by Bitcoin at 152.7 billion won and Ethereum at 124.6 billion won. The top five coins accounted for about 30% of the total market volume. Some assets saw increased trading activity overnight: Shiba Inu's hourly trading volume over the past six hours was 1.6 times higher than the previous 18-hour average, though its price fell 5.5%. However, Shiba Inu’s 24-hour trading volume of 6.6 billion won remained relatively low in market share.

In derivatives markets, $671 million was liquidated over 24 hours, with long positions at 48.7% and short positions at 51.3%. The put-call ratio for Deribit Bitcoin options stood at 0.31, indicating more capital allocated to bullish bets. Market sentiment improved as the Fear & Greed Index rose to 69 from 57, entering the 'greed' zone. Kimchi Premium remained negative at -0.4%, meaning domestic prices were still lower than international levels.