On Monday, August 11, Ethereum prices hit new local all-time highs (ATH) in Japan and South Korea as the domestic demand drove the market higher and not the currency.
According to CoinMarketCap, a leading crypto data platform, ETH briefly touched ¥639,455 in Japan, surpassing the previous local peak of ¥601,272 set on December 14, 2024. In South Korea, ETH hit ₩6,006,348, breaking the earlier record of ₩5,506,471 from December 2021.
Ethereum (ETH) is the second-largest cryptocurrency in the world after Bitcoin. It is used to drive payments and decentralized applications on its blockchain network.
Local Demand, Not Currency Effects
While ETH’s dollar price hovered near $4,300, still 12% below its global ATH of $4,666 in November 2021, the yen and won prices set fresh records.
This is not because of the exchange rate effect because both the Japanese yen and Korean won have strengthened against the U.S. dollar in the year 2025.
Instead, rising domestic buying is the key driver. Foreign investors are restricted from opening accounts on Japanese and Korean exchanges, concentrating activity among local traders.
Why Ethereum Is Rising?
Several factors have supported the rally, including growing corporate adoption of Ethereum, optimism after the U.S. Securities and Exchange Commission (SEC) dropped its lawsuit against Ripple, and a U.S. presidential executive order allowing cryptocurrency investments in 401(k) retirement plans.
Institutional demand is also rising. U.S.-listed Bitmine has accumulated over $2.9 billion in ETH, 833,137 coins in just 35 days, as part of an “Ethereum Treasury” strategy to secure up to 5% of ETH’s total supply.
“Local records in Japan and South Korea often act as an early signal for global crypto breakouts,” said market strategist Kenji Sato.
With strong demand, policy support, and surging institutional interest, analysts believe Ethereum’s next global rally may be closer than many expect.
Also Read: BitMine Builds World’s Largest ETH Treasury in 35 Days
