tl;dr
Ethereum reached new local all-time highs in Japan and South Korea, driven mainly by rising domestic demand rather than currency effects. In Japan, ETH hit ￥639,455, surpassing its previous record, while in South Korea, it reached ￦5,971,000, the highest in nearly 3 years and 8 months. Despite appre...
Ethereum reached new local all-time highs in both Japan and South Korea on Sunday, driven primarily by rising domestic demand rather than currency effects. By Monday morning, ETH was trading slightly below the intraday high but remained well above recent averages. In Japan, Ethereum briefly hit ￥639,455, surpassing its previous local record of ￥632,954 set in December 2024. Meanwhile, in South Korea, Ethereum reached ￦5,971,000, eclipsing the previous peak of ￦5.9 million from December 2021, marking the highest Korean won-denominated price in nearly 3 years and 8 months.
Many investors who focus solely on US dollar charts might overlook these significant regional signals. Local peaks often emerge first where currency trends align with increased demand. However, in this case, currency effects played a minimal role. Both the Korean won and Japanese yen appreciated against the US dollar year-to-date, which normally would imply smaller gains when converting prices into local currency. Yet, Ethereum prices in both Japan and South Korea outpaced the dollar gains, indicating a true increase in domestic demand.
Local trading on domestic exchanges restricts foreign participation due to foreign exchange regulations, ensuring that these price surges are driven by domestic investors. The surge in Ethereum prices coincides with several catalysts, including expanding corporate adoption of Ethereum beyond Bitcoin, a US presidential executive order allowing cryptocurrency investments within 401(k) plans, and the US Securities and Exchange Commission’s withdrawal of litigation against Ripple, which buoyed the broader altcoin market.
Further supporting the rally is a notable increase in Ethereum acquisitions by publicly listed US companies pursuing what is known as an “Ethereum Treasury” strategy. A standout example is Bitmine, which has accumulated over $2.9 billion worth of ETH, acquiring 833,137 ETH in just 35 days. Bitmine aims to control up to 5% of Ethereum’s total supply through aggressive accumulation and strategic liquidity partnerships, positioning itself as a leader among institutional Ethereum holders and setting a new benchmark for corporate participation in the crypto market.