Is your altcoin listed? Institutions are calling for an altcoin season to erupt in the fourth quarter.

According to data from CryptoQuant, the South Korean Bitcoin premium index has reached its lowest point since October 2023. Another report also suggests that South Korean traders are shifting towards some altcoins, predicting an altcoin boom in the fourth quarter of this year.

Kimchi Premium Drops, Signs Point to Shifting Focus to Altcoins

Following the interest rate cut in the United States, the South Korean Bitcoin premium index has reached a new low since October 2023. The Kimchi Premium originated from the South Koreans' enthusiasm for trading cryptocurrencies, making it a gauge to understand market trends in South Korea. The decreasing premium index indicates a waning interest in Bitcoin in the Korean market, with the index sliding to -0.55 on Wednesday. The trading volume on Korean exchanges also reflects this shift, showing a move towards altcoins.

A chart by 10x Research illustrates the daily trading volume in the Korean market over the past 40 days, as well as the largest coin pairs traded each day. Recently, traders have shifted from the BTC/KRW pair to altcoins like UXLINK, CKB, ARK, and PENDLE.

10x Research Bullish on Altcoins, Altseason Approaching?

Markus Thielen, founder of 10x Research, mentioned in a report to clients on Wednesday, "Quick-acting traders are seizing the opportunity to buy their favorite altcoins, expecting a strong rebound in the fourth quarter." He also noted that some market participants have abandoned Bitcoin.

"With Bitcoin surging to $60,000 and aiming to break through $65,000, savvy traders are scooping up undervalued altcoins, including TAO, ENA, SEI, APT, SUI, NEAR, and GRT," Markus Thielen stated.