Key Takeaways
Ethereum set fresh highs in Japan and South Korea, driven by corporate accumulation and rising leverage. ETH has been trading near $4,300 lately, with momentum building towards a global all-time high.
Ethereum [ETH] has found fresh fuel in Asia.
Its price climbed to local all-time highs in Japan and South Korea, proving that demand runs deeper than simple currency moves.
Such a rally is also a sign of robust regional demand, rather than just simple currency effects. Especially since both the Yen and the Won have strengthened against the U.S dollar this year.
Ethereum hits record highs in Japan and South Korea
On 10 August, ETH’s value touched ¥639,455 in Japan and ₩5.97 million in South Korea, surpassing the peaks set in late 2021.
Source: CoinMarketCap
On the other hand, its value in terms of USD seemed to be hovering near $4,257. For context, that is still below the November 2021 global record of $4,891.
Source: CoinMarketCap
Naturally, this can be seen as a sign of strong regional appetite, boosted by a wave of institutional and corporate interest.
In particular, U.S-listed Bitmine Immersion Technologies [BNMR] amassed more than $2.9 billion in ETH. It is now aiming to corner up to 5% of the total supply through aggressive accumulation.
