Market structure

Where trading actually happens, and how price is formed across venues.

A line dipping from a green premium above zero to a red discount below zero while a bitcoin price line climbs behind it

The kimchi premium turned into a discount during the rally

Bitcoin rose 12.5% between 15 and 23 September. Korean won markets did not chase it. Upbit and Bithumb went from paying 0.9% above the global price to trading 2% below it — the widest discount in our data — while XRP, not bitcoin, remained the coin Korea trades most.

Coinmico Editorial·Sep 23, 2026·5 min read

A stacked bar splitting bitcoin spot volume by quote currency, with a large green USDT block and thin fiat slivers

Market structure

Where bitcoin actually trades: a week of measured spot volume

Bitcoin changed hands for $130 billion on spot markets last week, on our count. Five-sixths of it was priced in Tether, one-fourteenth in bank-account currencies, and a fifth of every day's trading happened in three afternoon hours.

Coinmico Editorial·Sep 23, 2026·5 min read