Ethereum has reached new all-time highs in Japan and South Korea—not in dollars, but in their respective local currencies—highlighting surging regional demand despite a broader market still trading below its global peak.

On August 10, Ethereum (ETH) briefly touched ¥639,455 in Japan, surpassing the previous yen-denominated high of ¥632,954 set on December 17, 2024, according to CoinMarketCap. Similarly, on the Upbit exchange in South Korea, ETH hit ₩5,971,000, eclipsing its prior local peak of ₩5.9 million from December 2021.

While ETH remains around $4,300 globally—about 12% below its U.S. dollar all-time high of $4,891 from November 2021—its record-breaking performance in Japan and Korea underscores localized momentum in crypto markets.

Not Just an Exchange Rate Story

Though cryptocurrency prices often reflect currency movements, analysts suggest this surge is not driven by forex trends. Both the Japanese yen and South Korean won have appreciated against the U.S. dollar in 2025—yen from ¥157.33 to ¥147.65, and won from ₩1,476.23 to ₩1,388.77.

Ordinarily, a stronger local currency would dampen the appearance of gains, yet Ethereum’s yen- and won-denominated prices surged beyond what dollar appreciation would suggest. This points to genuine increases in local demand, supported by the fact that both countries restrict foreign participation in domestic crypto exchanges.

Local Demand, Global Catalysts

Several key developments appear to have contributed to Ethereum’s rise in East Asia:

⚪ Institutional adoption of ETH is rising, with more companies viewing it as a treasury-grade asset, similar to Bitcoin.

⚪ A recent U.S. executive order allowed cryptocurrency investments in 401(k) retirement plans, boosting overall market confidence.

⚪ The SEC’s withdrawal of litigation against Ripple further lifted sentiment across altcoins.

⚪ Ethereum’s growing utility and developer ecosystem continue to drive investor interest.

One of the most influential players has been Bitmine, a U.S.-listed company that has rapidly accumulated 833,137 ETH in just 35 days, now holding over $2.9 billion in Ethereum. The firm’s “Ethereum Treasury” strategy aims to acquire up to 5% of ETH’s total supply, reinforcing the cryptocurrency’s role in corporate balance sheets.

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