Bithumb Bitcoin price: mistaken 2000 BTC credit triggered 10% discount
Bitcoin on Bithumb suddenly traded more than 10% below other markets after an operational error credited hundreds of users with 2000 BTC instead of 2000 KRW. The unintended inflow of sellable balance triggered rapid selling and a venue-specific flash crash.
This miscredit is distinct from broader market dynamics. The discount reflects a temporary supply imbalance on a single platform rather than a nationwide repricing of Bitcoin in Korea.
Kimchi premium versus exchange glitch: how to verify
To distinguish a normal kimchi premium from a glitch, compare BTC/KRW on Bithumb with BTC/KRW on Upbit and with global BTC/USD converted to KRW using the spot FX rate. Calculate whether Bithumb shows a premium or discount.
Review order-book depth and recent prints on both venues. If liquidity is thin or large sell orders appear only on one venue, a venue-specific issue is more likely than a cross-market imbalance.
Confirm deposit and withdrawal status on the exchange and check for official notices. If fiat or crypto flows are restricted, arbitrage may be delayed and price gaps can persist.
A double-digit venue discount invites cross-exchange arbitrage, but banking hours, travel rule checks, and on/off-ramp limits can extend settlement. Slippage, fees, and transfer delays can absorb the apparent spread.
Operational and security risks also matter during disruptions. “Reuters has estimated that over $4 billion worth of cryptocurrencies have been stolen from exchanges since 2011.”
As additional operational context, according to Bithumb, more than $200 million in dormant crypto was identified across 2.6 million inactive accounts. This scale underlines the need to validate balances and flows when anomalies occur.
As reported by CER in 2018, the exchange was accused of faking much of its trading volume. That historical allegation supports careful volume verification before modeling spreads and execution timelines.
At the time of this writing, Bitcoin is approximately 66,425, indicating the observed discount was venue-specific rather than driven by a global price collapse.
Signals to monitor and safe validation steps
Compare Bithumb and Upbit BTC/KRW quotes and depth
Check top-of-book quotes, cumulative depth at 1%, and time-and-sales on both venues. Persistent gaps with asymmetric depth suggest a venue issue. Sudden block-size sells concentrated on one book reinforce that diagnosis.
Check FSC and exchange status for deposits, withdrawals, limits
Review official notices for fiat and crypto channels, including temporary suspensions, per-transfer caps, or withdrawal queues. The Financial Services Commission oversees market conduct; exchange status pages provide operational details necessary for compliance checks.
FAQ about kimchi premium
What is the kimchi premium and can it go negative (reverse kimchi premium)?
It is the price gap between Korean BTC/KRW and global markets. It can go negative, called a reverse kimchi premium, when Korean prices trade at a discount.
How do I verify Bithumb’s BTC/KRW price versus global markets and calculate the premium/discount?
Compare Bithumb’s BTC/KRW to global BTC/USD converted into KRW via the spot FX rate. Compute percentage gap: (KRWlocal – KRWglobal) / KRW_global.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/news/bitcoin-trades-at-korea-discount-as-bithumb-gap-widens/