On Sept. 25, the South Korean Bitcoin Premium Index turned negative on Wednesday, falling to -0.55, the biggest discount since October 2023, according to analytics firm CryptoQuant. In addition, trading volume data from South Korean trading platforms also showed a shift toward high-beta (volatility greater than market volatility) cottage cryptocurrencies.
Markus Thielen, founder of 10x Research, likewise said in a recent report that fast-moving traders are seizing the opportunity to buy large quantities of their favorite cottage coins, with strong gains expected in the fourth quarter. With Bitcoin crossing $60,000 and aiming to break $65,000, savvy traders have been accumulating undervalued torrents, including TAO, ENA, SEI, APT, SUI, NEAR and GRT.