Bitcoin, the flagship cryptocurrency, has staged a notable recovery, breaching the ₩136 million mark in the South Korean market and the $91,000 level globally, fueled by a resurgence in investor appetite for riskier assets. This revival is underscored by a critical shift in institutional investor behavior, as major players pivot back to net buying after months of net selling.

Market Movements and Key Metrics 

As of 9:11 AM KST on November 28, Bitcoin was trading at ₩136.3 million on the domestic exchange Bithumb, marking a 0.34% increase over the last 24 hours. Concurrently, on CoinMarketCap, the global price stood at $91,150, reflecting a 1.07% rise from the previous trading day.

The second-largest cryptocurrency, Ethereum, also saw a recovery, climbing back above ₩4.5 million (₩4.5 million on Bithumb, up 0.54%) and trading around $3,010 globally (up 0.01%).

The local premium, known as the "Kimchi Premium," which reflects the price difference between domestic and international exchanges, persisted at a positive level, registering 2.33% as of 9:52 AM KST. A positive Kimchi Premium indicates that Bitcoin is trading at a higher price in South Korea than in global markets.

Institutional Investors Drive the Shift 

A significant factor underpinning the recent price recovery is the return of major institutional players to the buy side. Large-scale investors holding over 10,000 Bitcoins, who had been net sellers since August, have reversed course and began accumulating over the past week.

According to data cited by CoinDesk, the accumulation trend score for these large institutional wallets has reached 0.8, signaling robust buying activity.

This trend is corroborated by the flows into U.S. spot Bitcoin Exchange-Traded Funds (ETFs). On November 26 (ET), these ETFs experienced a net inflow of $21.25 million (₩31.1 billion), marking the second consecutive day of positive inflows. This recent surge was primarily led by investment giant BlackRock.

The net buying from institutional investors is particularly noteworthy, as just a week prior, individual investors were seen as the primary drivers of price support, engaging in bargain hunting as Bitcoin dipped toward the $88,000 level and briefly tested $86,939.99 on April 22 — its lowest point since that date.

Macroeconomic Tailwinds and Investor Sentiment 

The renewed optimism in the crypto market is largely tied to a broader resurgence in risk asset preference within the U.S. stock market. Investors are increasingly factoring in the potential for monetary policy easing by the U.S. Federal Reserve (Fed).

The Fed's November Beige Book (economic outlook report), released on November 26 (ET), indicated signs of slowing economic activity. This observation immediately bolstered expectations for a policy shift, pushing the probability of an interest rate cut in December's Fed meeting to 85% in the futures market. The prospect of lower interest rates typically makes riskier assets, such as cryptocurrencies and technology stocks, more appealing.

Despite the price rebound and institutional accumulation, broader investor sentiment remains cautious. The "Fear & Greed Index," compiled by Alternative, registered a score of 25 for the day, which still falls within the "Extreme Fear" range. While this is an improvement from the previous day's score of 22, it suggests that market participants are still hedging against further downside risk, even as large capital flows indicate a turning point may be at hand.

Related Developments: The Global Perspective 

Reports from early December 2025 further solidify the narrative of a global cryptocurrency market recovery, with several major financial institutions revising their long-term forecasts upward, citing the sustained institutional interest and the successful integration of spot ETFs into traditional finance.

The return of institutional capital signals a maturing market where major price dips are increasingly viewed as buying opportunities by sophisticated investors. While volatility is expected to continue, the confluence of macro factors favoring risk and tangible data showing institutional accumulation suggests that the foundational support for a continued upward trend in Bitcoin and the broader crypto market is strengthening.