Ethereum has recently demonstrated significant strength in Asian markets, achieving new local all-time highs in Japan and South Korea. This surge underscores a deepening demand for the cryptocurrency beyond simple currency fluctuations, signaling robust regional interest and institutional backing.
Asian Markets Set New Benchmarks
On August 10, Ethereum's value soared to ¥639,455 in Japan and ₩5.97 million in South Korea. These figures represent new local all-time highs, notably surpassing the peaks recorded in late 2021 within these regions. While impressive, it's important to note that Ethereum's value in USD lingered around $4,257 at the time, still below its global all-time high of $4,891 set in November 2021. This divergence highlights a particularly strong appetite within the Japanese and South Korean markets, proving that demand is more profound than mere currency effects, especially given the strengthening of both the Yen and Won against the U.S. dollar this year.
Driving Factors: Corporate Accumulation and Leverage
The robust performance of Ethereum in Asia is largely attributed to a combination of institutional and corporate interest, alongside escalating derivatives activity. A prime example is the U.S.-listed company Bitmine Immersion Technologies (BNMR), which has aggressively accumulated over $2.9 billion in ETH, with an ambitious goal to corner up to 5% of Ethereum's total supply. This significant corporate investment, coupled with rising derivatives activity that adds considerable leverage, creates a strong bullish setup, fueling Ethereum's momentum towards a potential new global all-time high.
