Share this article
Bitcoin Bulls Beware, South Korean Kospi Setting Record Highs Could Stop BTC's Bull Run: Analyst
Alphractal called Kospi's record high an incremental signal that bitcoin's bull run may be nearing an end.
Sep 11, 2025, 6:02 a.m.
What to know:
- South Korea's Kospi index has reached a record high of 4,340 points, driven by shareholder-friendly policies and positive global market sentiment.
- Alphractal called Kospi's record high an incremental signal that bitcoin's bull run may be nearing an end.
- The relationship between Kospi and bitcoin highlights their shared sensitivity to global risk sentiment and macroeconomic conditions.
South Korea's benchmark equity index, the Kospi, has reached a record high of 4,340 points, driven by prospects of shareholder-friendly policies and positive global market sentiment.
The new high has prompted one analyst to urge caution among bitcoin bulls, suggesting that the surging Kospi could mark the end of the BTC bull run, consistent with the historical relation between the two assets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Every time the Kospi has set a new record high, Bitcoin was trading close to its all-time high of the cycle. The last time this happened was back in 2021," crypto analytics platform Alphractal said on X.
The chart indicates that the Kospi reached its peak in the second half of 2021. BTC also peaked closer to $70,000 in November that year, eventually falling into a year-long bear market.
A similar pattern emerged in late 2017, with concurrent peaks in the two assets. Also note the concurrent interim tops around June and July 2011.
Incremental signal
The pattern, though limited to support definitive conclusions, warrants attention, as it underscores the shared sensitivity of Kospi and BTC to global risk-on/risk-off flows and shifts in investor risk appetite and macroeconomic conditions.
When risk sentiment is positive, capital flows into emerging market equities, such as the Kospi, which is heavily export-oriented and influenced by global trade dynamics, as well as into riskier assets like bitcoin.
Conversely, during periods of heightened uncertainty or risk aversion, both tend to decline together. This close relationship highlights how Bitcoin, despite its unique characteristics as a digital asset, is becoming increasingly intertwined with broader financial markets and subject to similar economic forces.
"Now that the Kospi has reached a new all-time high, it serves as yet another incremental signal that the bitcoin cycle may be nearing its conclusion. Smart money flows continuously between major economies, stores of value, risk assets, and—sometimes—extremely speculative instruments, like memecoins, often without fundamentals," Joao Wedson, founder and CEO of Alphractal, said.
Read more: Dogecoin Leads Gain, Bitcoin Pops to $114K as M2 Setup Opens BTC Catchup Trade
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
