PANews reported on February 3 that CryptoQuant CEO Ki Young Ju said on social media that Bitcoin's "Kimchi premium" reached 12%, a three-year high. The main reason for Bitcoin's decline seems to be the strengthening of DXY (US dollar index). The Kimchi premium surged at the local bottom, not because Koreans bought the dip, but because Bitcoin was being converted into US dollars. Similar trends may exist in other countries.